According to NoBroker, India’s first proptech unicorn, the average price of 2BHK units in Hyderabad saw a 7.35% rise in 2022, the second highest across India.
This increase has made real estate more appealing as an investment opportunity, with 18% of NoBroker’s respondents wanting to buy property as an investment and 86% of its Hyderabad respondents believing this is a good time to buy a property.
By combining platform data with survey responses from over 26,000 customers across India, NoBroker’s report described the key trends defining the real estate sector.
Residential real estate, according to the report, has become a lucrative investment opportunity for both domestic and NRI buyers.
While 82% of respondents wanted to buy a property for end-use, 18% indicated that they wanted to buy property as an investment. Several factors contributed to this trend, including strong long-term capital appreciation and higher rental yields.
Rental yields increased by 3-5% across top metro cities, while the average price of 2BHK units also saw healthy appreciation, with Chennai (7.9%) and Hyderabad (7.35%) registering the highest price appreciation.
ALSO READ: Hyderabad: Microsoft announces three more data centres
Pepsico to Expand Global Business Services Centre in Hyderabad
NRI interest in Indian real estate has increased this year as the value of the Indian rupee has declined, giving them a significant advantage. Developers responded to this growing international demand with high-quality luxury housing projects, the demand for which outpaced that for mid-segment homes.
Pent-up demand has pushed up home prices, purchasing activity, and rent inflation. According to NoBroker’s report, the post-pandemic pent-up demand was perhaps the most defining trend of 2022.
Migrant professionals returning to work from offices in key cities resulted in high demand for rental properties. However, due to Covid-19, construction activity ceased, resulting in a reduced supply of housing units. As a result, major cities experienced rent increases ranging from 12% to 40%.
(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.)
