According to the Magicbricks PropIndex Report, property prices in Hyderabad increased by 5.8 percent quarter on quarter (QoQ) due to a demand-supply mismatch during the months of January and March.
The report for Jan-March 2023 also highlighted that the residential demand increased by 6% QoQ and supply decreased by 14.2 per cent QoQ. Since of their proximity to the Outer Ring Road and major employment hubs, Gachibowli, Miyapur, and Kondapur saw the highest residential demand.
The residential market also saw a shift from affordable housing and towards mid-segment properties (Rs 5,000 per sft to Rs 7,000 per sft), which accounted for roughly half of the city’s demand and supply. With a continued preference for large homes, the 2 BHKs and 3BHKs commanded 90 per cent of the total demand.
Sudhir Pai, CEO, Magicbricks said, “Given the under-served demand for home ownership in the affordable and mid-range segment, we are optimistic about the growth trajectory for residential demand in the coming quarters as well.”
He said that it is anticipated the market will stabilise, aided by new projects and expedited delivery of under-construction properties, opening up new avenues for investment and innovation.
According to the report, Mehdipatnam (4.27%), Police Colony in Kondapur (3.96%) and Balanagar (3.75%) had the highest increase in prices QoQ while prices in Banjara Hills (-3.94%), Boduppal (-3.77%) and Nanakram Guda (-03.39%) decreased.
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