Hyderabad: Even as apartment complexes are mushrooming across and beyond the city, the demand for used flats in Hyderabad too is going up with many home buyers looking for ready-to-move-in flats.
In recent years, Hyderabad has witnessed a boom in the housing sector, with several families coming into the city from across the country to join either the Information Technology hub here or for other jobs. Even those staying for years in rented flats are now looking to buy used flats.
With IT and pharma industries spreading its wings and providing lot of employment opportunities, the demand has been on the ascent. Areas that were once known as the city outskirts are now major suburbs and are becoming preferred localities to buy flats.
Buying property is a crucial decision and the stage of construction indirectly affects one’s budget. In this regard, the used flats are an affordable solution to the accommodation needs of salaried individuals.
According to real estate agents and brokers, many buyers are looking for used flats and shying away from investing in newly launched projects. As core areas in the city are already saturated and the rates are too high, the suburbs and outskirts have become an ideal choice for housing.
Localities such as Kompally, Kapra, ECIL, Shamirpet, Manikonda, Nagaram, Alwal, Attapur and Vanasthalipuram are seeing high demand for used 2BHK flats which are available in the range of Rs 35 lakh to Rs 60 lakh and even more, depending upon the age, and whether they are furnished or semi-furnished.
Sravan Kumar, a local real estate agent, said purchasing a used flat and ready-to-shift flat helps the buyer save money which would otherwise go as rent. Rather than waiting endlessly for the real estate prices to fall, a buyer can comfortably invest in used flats, preferably a five-year-old one, he said.
From localities such as Jubilee Hills, Banjara Hills, Begumpet, Punjagutta, Kukatpally and Madhapur, the focus is now on used flats in the suburbs, said a builder.