The real estate in Hyderabad is reemerging once again. The division of Andhra Pradesh led many buyers to wait in making a decision to purchase a property. There is optimism now however amongst buyers which is reflecting in the steady rise in the number of properties being purchased across the city.
Property Prices Aren’t Really Likely to Fall Soon!
The buyers have been hoping for a reduction on prices which led to a slowdown in property purchases over last year. However that presumption is now fading away and buyers are making decisions to purchase the property. Developers are also seen gearing up to begin new projects sighting the rise in property purchase. The political turmoil has now receded and the real estate sector in the city is set to see the light of the day.
The commercial real estate sector is a promising investment at this day in Hyderabad. Hence the demand for commercial properties remains higher than that of residential properties.
Even the demand for renting properties has considerably increased which has increased the prices of renting houses. The residential market is likely to see further improvement. There is a steady rise in the overall real estate sector in Hyderabad. This rise cannot be termed as a boom as of yet. But there are possibilities the sector might see a boom too if things go the way they are at the moment.
Hot Spots for Investors
The top localities that have generated a lot of interest among buyers in Hyderabad are Uppal, Chandanagar, Gachibowli, Kondapur, Kukatpally, Manikonda and Miyapur.
Analysts earlier predicted that post-bifurcation and formation of a stable government in Telangana should pave the way for the sector to recover in Hyderabad.
Close to 78 per cent of the respondents contacted in Hyderabad during a real estate survey were looking for a property for end-use and 60 per cent of buyers were first-time home buyers.
Rise in Demand for Affordable Properties
More and more property seekers are also looking for affordable housing. Demand for properties under Rs. 30 lakh price bracket has increased in most of the cities across India. Close to 44 per cent of the buyers in Hyderabad prefer properties below Rs. 30 lakh. Only 27 per cent of persons in the survey were looking to invest on land plots in Hyderabad.
Buyers general are considering aspects such as Infrastructure like roads, availability of public transport, security and scope of future price appreciation before deciding to make a purchase. As further improvements are made on these aspects the sale of property is likely to increase further.
Realty majors like DLF and Unitech of Delhi and Hiranandani of Mumbai have either already announced projects or are planning property development in Hyderabad.
Software players like Satyam, Microsoft, Infosys and Google have huge development centres in Hi Tech City and Gachibowli. This can be another factor for the increase in demand for real estate in Hyderabad, and this may be an ideal time to buy your dream home or to invest in a lucrative project that may offer 30-50% appreciation over next 3-5 years.