HYDERABAD: Despite the pandemic, Hyderabad stood out as the only Indian city to witness a marginal growth in home prices, between September and December 2020 (Q4), shows Knight Frank’s latest report released on Thursday.
According to the property consultancy’s ‘Global Residential Cities Index Q4 2020’, the city stood 122nd on the world-wide list, registering a 0.2% year-on-year rise in cost of houses, even as Chennai – lowest ranked Indian city at 150th spot – witnessed a steep 9% drop in home prices.
While Hyderabad’s position in the last quarter was lower than its earlier ratings – 20th in Q1 (January to April) and 36th in Q2 (May to August) — it still fared better than most other metros. “In Q4 2020, residential sales in Hyderabad jumped up by 127% Q-o-Q to 3,651 units as compared to 1,609 units in Q3 2020. This can be attributed mainly to festive season promotions and the Covid-induced push for newer homes with a better layout, thereby accommodating the new work requirements from home,” read the report that pegged the average growth in home prices – among 150 global cities – from 3.2% in 2019 to 5.6% in 2020.
Shishir Baijal, chairman and MD of Knight Frank India said, “Its residential market has remained consistent all through pandemic, with city’s real estate market maintaining annual price growth in each quarter, through 2020. This performance can be attributed to city being a preferred destination by professionals from IT/ITeS firms.”
He added: “Indian residential market has strongly rebounded over last three quarters with pandemic experience on owning houses, lower prices and multi-decade low home loan interest rate. Government interventions on stamp duty cut in key markets helped sector gain momentum to pre-Covid levels.”