Despite a steady rise in property prices, driven by factors such as rising demand for housing, the city’s strong economic growth, and overall infrastructure development, Hyderabad remains an affordable city to buy property in when compared to the country’s top six metros.
Anarock, a property consulting firm, recently compared average property prices in Delhi-NCR, Kolkata, Mumbai, Pune, Hyderabad, Chennai, and Bengaluru. It discovered that the average property price in Hyderabad is Rs 4,620 per sq ft, which is significantly lower than the average property prices in other cities.
Hyderabad’s real estate market has been steadily expanding, with increased demand for residential and commercial properties. The efforts of the state government to develop infrastructure and improve connectivity have played a significant role in boosting the real estate sector and the city is also home to several major IT companies, which attract a large number of working professionals.
In the last five years, average property prices in Hyderabad have increased by a maximum of 10% per year. Despite this, it remains one of the most affordable cities in India for purchasing real estate.
ALSO READ: Hyderabad: January saw 4,872 units of residential properties being registered
The average price in the city in 2018 was Rs 4,128 per sft, rising to Rs 4,620 per sft in 2022. While average property prices in Bengaluru increased to Rs 5,570 per sq ft in 2022, Mumbai topped the list with Rs 11,875 per sq ft in 2022, followed by Pune (Rs 6,000 per sft).
Stating that 2022 saw the maximum yearly rise in average property prices, Prashant Thakur, senior director of Research at Anarock Group, says, “Post the pandemic; demand soared across cities – as did developers’ input costs – causing prices to rise, particularly in 2021 and 2022.”
Another factor driving up prices is that most sales are now being made by branded developers, who have not shied away from raising prices in response to strong demand and rising construction costs, he adds. End-user demand is expected to drive the year 2023, but serious long-term investors will find market dynamics to be more than favourable.
(This story has been sourced from a third-party syndicated feed, agencies. Raavi Media accepts no responsibility or liability for the text’s dependability, trustworthiness, reliability, and data. Raavi Media management/ythisnews.com reserves the sole right to alter, delete or remove (without notice) the content at its absolute discretion for any reason whatsoever.)
