Aspirational buyers driving residential sales in Hyderabad
Property buyers in the age group of 26 to 40 years of age are looking at buying residential apartments in the aspirational range, which according to experts, has turned into an affordable range for many buyers.
Hyderabad: Rising income levels, jobs at an early age, and high aspirations of people is driving people to invest in properties that are in the range of Rs 75 lakh to Rs 1 crore and many even opting for above Rs 1 crore priced properties in Hyderabad.
Property buyers in the age group of 26 to 40 years of age are looking at buying residential apartments in the aspirational range, which according to experts, has turned into an affordable range for many buyers.
As soon as one gets a job, many are looking at investing in property. And with the starting salaries going high in the last few years, many are not shying away in investing in larger homes and spend anywhere between Rs 75 lakh to Rs 1 crore. Some of the new-age buyers are also looking at spending more than Rs 1 crore for beautiful interiors, large balcony space, and other amenities in the gated community area.
These buyers could either include first-time investors or could include those who have disposed of their previous property and are looking at investing in aspirational apartments as they require bigger space with better amenities.
Supporting this trend of buyers, PropTiger’s Real Insight Residential report mentions that almost 57 per cent of demand for property in Hyderabad is in the ticket size of Rs 75 lakh and above. While there is still demand of Rs 45 lakh to Rs 75 lakh, these buyers are mostly looking at these properties for pure investment and are buying them as their second homes.
“The demand for ticket size of Rs 60 lakh to Rs 1 crore has been high in the last few years. Many first-time buyers and even second property buyers are looking at investing in this range as it not just includes a bigger home but also additional amenities like children’s play area, clubhouse, and security among other things. The minimum average price for most residential properties in Hyderabad is above Rs 5,000 per sq ft,” says Srinivasalu K, Director, Vasavi Group.
Moving towards periphery
Amid apprehensions of residential property getting saturated in the western corridor or IT corridor of Hyderabad, many buyers are looking at the periphery areas of the western, north-western corridor, or northern corridor. Areas like Dundigal, Bachupally, Miyapur, and Tellapur are witnessing a surge in sales for residential property with most witnessing more than 5 per cent growth on a year-on-year basis.
As per a report by PropTiger, apart from Dundigal – which has an average price of Rs 3,700-3,900 per sq ft – other areas like Gandipet, Bachupally, Miyapur, and Tellapur have properties in the price range of 4,900 per sq ft to Rs 6,200 per sq ft.
These numbers suggest that aspirational buyers are looking at residences in the higher price range and are willing to spend above Rs 75 lakh to stay in homes that fulfill their aspirational dreams. These houses, as per experts, are mostly in the periphery segment of the IT corridor and with better road connectivity and many economic drivers, buyers are willing to go the extra mile.
For Info:
Real Estate in Hyderabad in Q3 (July – September)
Demand by ticket size
- Less than Rs 25 lakh – 1%
- Rs 25-45 lakh – 11%
- Rs 45-75 lakh – 34%
- Rs 75-100 lakh – 18%
- More than Rs 1 crore – 36%
Area-wise supply
Dundigal
- Sales – 355 units
- Price Rs 3,700-3,900/sqft
Bachupally
- Sales – 711 units
- Price Rs 4,700-4,900/sqft
- Increase of 12% YoY
Miyapur
- Sales – 349 units
- Price – 5,200-5,400/sqft
- Increase of 4% YoY
Tellapur
- Sales – 578 units
- Price – 6,100-6,200/sqft
- Increase of 4% YoY
Gandipet
- Sales – 368 units
- Price – 6,800-7,000/sqft
- Increase of 17% YoY
(Source: PropTiger research report ‘Real Insight Residential: July-September 2021’)
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