High demand for affordable property in Hyderabad
Hyderabad: With the economy on a revival path and the pandemic slowing down the real estate space in Hyderabad is seeing some recovery. The affordable segment – properties within the Rs 40 lakh range – is seeing a higher demand even as the supply of such properties is lower in comparison. However, the city of […]
Hyderabad: With the economy on a revival path and the pandemic slowing down the real estate space in Hyderabad is seeing some recovery. The affordable segment – properties within the Rs 40 lakh range – is seeing a higher demand even as the supply of such properties is lower in comparison. However, the city of Nizams has a higher supply of premium and ultra-premium properties when compared with the demand.
As per a report by 99acres, the demand-supply gap in the residential property space is widest in the Rs 40 lakh range, while the supply is higher in the Rs 40 lakh to Rs 1 crore and above Rs 1 crore price range. About 39 per cent demand has been witnessed for the within Rs 40 lakh price range, the supply is lower at 26 per cent. In comparison, the supply is at 42 per cent and 32 per cent for the Rs 40 lakh to Rs 1 crore, and above Rs 1 crore price range segments respectively.
The report also mentioned that Hyderabad like Chennai and Bengaluru saw a revival in housing demand. Along with Delhi-NCR, Hyderabad continued to reel under stress in terms of new launches and the improved demand hinted at a revival in the festive quarter. In terms of new launches, the city saw negligible launches this quarter.
Office space
With many offices and educational institutions contemplating to open up, the pan-India rental markets saw some green shoots of recovery. However, Hyderabad along with other IT hubs like Bengaluru and Chennai saw average rentals dwindle due to high vacancy levels.
As per the report, the rental rates in Telangana’s capital city saw 5 per cent fall on quarter-on-quarter basis which is being attributed to large office spaces being vacant for almost 18 months now due to the pandemic.
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