Hyderabad real estate scene looks up
Hyderabad’s real estate sector showed growth in demand and supply in July-Sept. 2021 with 1,100-1,300 sq ft for 2BHK and 1,500- 2,500 sq ft for 3BHK units remaining popular regardless of the second wave of COVID-19 and other challenges, according to ‘Insite’ – a quarterly real estate report by property portal 99acres.com on Tuesday.
New residential projects received a decent response from the buyers and they majorly remained confined to the western corridor of areas such as Nanakramguda, Kokapet, Narsingi, and Kondapur. These ruled the roost in terms of buyer enquiries, new launches, and residential sales.
The region accounted for the largest share in new launches, growing by over 250% with mid and high-income budget segments witnessing the launch of a number of projects in this period. Healthy demand from potential buyers helped lift the sales that had initially witnessed a dip amid the resurgence of COVID-19 cases in April 2021.
Latent demand for real estate facilitated the consumption of existing inventory, which was recorded at around 12,000 units in first quarter of the year.
Due to the increase in land prices, the demand for budget homes has increased in the fringes of the city, particularly for houses in the price range of ₹60 lakh to ₹80 lakh.
In general, 2 and 3 BHK accommodations are in demand, particularly in areas such as Manikonda, Kukatpally, Gachibowli in case of rental properties.
“The first two quarters of the year recorded the sale of almost one lakh residential units across the country, with July-September contributing most of it. Mumbai and Pune led the pack with maximum property registrations of up to 60%,” said 99acres.com chief business officer Maneesh Upadhyaya