Northwest Hyderabad Powers Rs. 71,926 Crore Sales in 2024 Real Estate Boom

The real estate market of Hyderabad has seen sales of Rs. 1.13 lakh crore. The city saw the sale of 65,177 homes. It was shared in recent data from CREDAI Hyderabad and CRE Matrix.

The report shares that Northwest Hyderabad was the market leader. About 70% of unit sales were in the region. Areas here include Miyapur, Madhapur, Manikonda, Serilingampally, Patancheru, and Narsingi. It saw sales of 45,405 homes at Rs. 71,926 crores.

The southwest followed with 9109 units sold. A few of its areas are near the Rajiv Gandhi International Airport, Attapur, Katedan, and Balapur. Homes of Rs. 29,342 crores were sold here.

There were fewer homes sold in the east in areas such as Alwal, parts of Secunderabad, Tirumalgiri, Cherlapalli, and Dammaiguda. A total of 6279 homes were sold for Rs. 7147 crores. The southeast had the lowest sales. Its areas include Dilsukhnagar, LB Nagar, Pedda Amberpet, and Vanasthalipuram. It had 4384 homes sold for Rs. 5522 crores.

V. Rajashekar Reddy, CREDAI Hyderabad President, said that so far, the focus has been on the city's west. He said the government needs to look at developing the east. Once the focus shifts here, developers will move to it. He stated the traffic congestion in the west is because a majority of people live and work here.

The report spoke of the trends in the commercial sector, with a demand of 13 million square feet of office space. The supply was 12.4 million square feet.

Major office deals included 5.5 lakh square feet leased by Google at Elegans Emperia. Metlife Services East leased 1.5 lakh square feet at Prestige Skypark. HCA Global Services leased 1.09 lakh square feet, and Cigna leased 1.06 lakh square feet at Salarpuria Knowledge Park.

The market was led by the Phoenix Group with 70%, followed by 17% of the Pranava Group and 13% of Modi Realty. IT and ITES drove demand with 49% of commercial space. Healthcare followed at 18%, 10% was BFSI, and 8% was the automobile sector.

Jagannath Rao Bandari, the General Secretary of CREDAI Hyderabad, said commercial real estate is growing. He said Grade A office stock is 151.1 million square feet. There are 82.9 million square feet that are being built.

Strong demand for commercial properties and homes has driven the real estate boom in Hyderabad.

Prestige Group Prelaunch Project is Prestige Spring Heights