As per the latest reports, Hyderabad has emerged as the preferred market for real estate developers, accounting for 22% of the total (50,000 units or more) new residential launches in the top six cities of the nation in the fourth quarter of 2021 (October-December). Cities like Pune and Bengaluru accounted for 17% and 12% of the total, respectively.
The quarter recorded a favourable momentum with a quarter-on-quarter rise of eight percent in the number of new residential launches in Hyderabad.
According to Square Yards analysis, West Hyderabad dominated with 57% of total new releases.
The annual analysis of new project launches suggests that West Hyderabad is gradually surpassing North Hyderabad as a favoured zone for new real estate development. In the first quarter of 2021, the periphery zone (West Hyderabad) accounted for just one-fifth of all new launches.
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Because of the pandemic, developers decided it would be good to spread their residential offers to the city’s outskirts. This thought process could have started as a result of the idea of “affordable yet large homes” gaining popularity and becoming a mainstream selling factor.
Supply vs demand
Hyderabad has been the most searched for residential properties online, accounting for 18% of total searches among significant cities, ahead of 17% searches for Bengaluru properties, 11% for Pune, and roughly 9% each for Gurugram and Noida.
According to buyer demand in Hyderabad, the inventory was tilted toward 2-3 BHK configurations, with 61% of the supply for 2BHK apartments and 30% of the supply for 3BHK units, a little increase over the previous quarter. Demand for larger residences in Hyderabad, like in other major cities, was concentrated in peripheral areas such as Tellapur and Bachupally in the west and Attapur in the south.
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According to the internet search statistics for the October-December 2021 quarter, about 75% of the residential listings in the city were for inexpensive properties priced under Rs 60 lakhs, according to Square Yards.
The majority of home purchasers looked for properties in the middle-income range, with a solid 25% of searches for properties priced between Rs 1-3 crore. This could be attributable to the fact that independent residences are gaining a lot more traction in the city than apartment buildings. In the Hyderabad residential market, there is also an increase in plotted developments in 2021.
Change in trends
“Covid-19 has not just produced a tectonic shift in homeowner preferences, it has altered the Indian residential real estate sector in just two years to an extent unseen in decades,” Anuj Puri, head of Anarock Group.
Homeownership is once again at the top of the priority list, and housing demand has moved away from compact homes in the central business district (CBD) and secondary business district (SBD) areas and moved toward larger homes on the periphery. In addition, the work-from-home or hybrid work culture has proven to be a far more robust phenomenon than was previously imagined.
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According to a recent Anarock study, 66% of respondents in Hyderabad favour apartments, 19% prefer villas, and 15% prefer to invest in plots.
“Housing has never been coupled with such rapid and significant change. The pandemic’s second wave was, in many ways, much more decisive for Indian real estate than the catastrophic first wave. The nationwide vaccination campaign gathered momentum in the second half of 2021, coinciding with another key development—the real estate industry’s full and final acceptance of the new market reality,” Puri added.
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