City Beat: Hyderabad Emerges Top Performer In Q2 FY'17 [Video]
Hyderabad has remained a bright spot for the Indian real estate in the second quarter of the current financial year. According to a PropTiger DataLabs report for the second quarter of the financial year 2016-17, Hyderabad is among the top five cities that witnessed an uptick in home sales. The city saw an increase of 24 per cent in the home sales over the previous quarter. New launches, too, went up 20 per cent over the same period.
According to the report, the inventory overhang in the city stood at 21 months, which is much lower in comparison with other major cities. The city of Nizams is also emerging as a preferred city on liquidity front with declining inventory and inventory overhang, says the report.
The property prices in the city, on the other hand, witnessed an annual increase of 11 per cent, the highest recorded by a city in the period. Overall, data indicate property markets in Hyderabad are headed for a sustainable growth in future.
Cities analysed in the report included Ahmedabad, Bengaluru, Chennai, Gurgaon (including Bhiwadi, Dharuhera and Sohna), Hyderabad, Kolkata, Mumbai (including Navi Mumbai and Thane), Noida (including Greater Noida and Yamuna Expressway), and Pune.
On the other hand, the revenue collection of the Telangana Stamp and Registration Department has gone up over 31 per cent in the first six months of this financial year. An increase in property transactions, especially in Hyderabad, has led to this tremendous growth. Apart from that, the state's better performance in ease of doing business, introduction of a single-window clearance system and launch of several new projects are also cited as the reasons behind this growth.
It has to be noted that Telangana has set a target of over Rs 4,291 crore of net revenues from registration and stamps department for FY17, of which nearly 45 per cent has already been achieved by September.