Hyderabad: Hyderabad has emerged as one of the top real estate markets in Q3 2021, among six major cities of India. The city accounted for 23 per cent of all the new project launches during the quarter, following Mumbai Metropolitan Region (MMR) with 27 per cent.
The latest report by Square Yards capturing the residential trends across top six cities in Q3, 2021 shows MMR was the most searched city with 33 per cent share followed by Hyderabad at 20 per cent.
Maximum searches for ultra-luxury properties sized above 4,000 sq ft was noted in Bengaluru with 31 per cent share while Hyderabad was second at 26 per cent. Hyderabad and Bengaluru also displayed an inclination towards plotted developments.
Square Yards noted, owing to robust government policies and participation of private entities, the road connectivity and infrastructural development in Hyderabad has reached a new pinnacle. The residential segment has grown manifolds in the western fringe of Hyderabad with the completion of metro lines and the new proposed extensions of outer ring road set to enhance connectivity.
Given such amenities, Hyderabad stood second in terms of adding new residential projects to its kitty, with West Hyderabad accounting for about 60 per cent of the total projects launched in the city.
Contrary to the previous quarter, where majority of the share (about 90 per cent) was concentrated in the western precinct, in Q3, 2021 North Hyderabad also contributed 35 per cent to the new launches in the city. This clearly shows North and West Hyderabad to be the emerging hubs for both residential as well as commercial development.
Online search trends
Square Yards online search trends for Q3, 2021 suggested that about 80 per cent of the prospective home buyers were interested in 2-3 BHK units with half of the online searches recorded for 2BHK configurations. However, the growing need for personal space and housing in the home buyers’ mind was also quite visible as 46 per cent share of the online searches were for 3BHK and above configurations.
In alignment with the buyers’ demand, the inventory was also more tilted towards 2-3 BHK configurations with 53 per cent 2 BHK units and 25 per cent of the supply for 3 BHK units. More than a quarter of the inventory accounted for mid-segment properties priced at Rs 30-60 Lakhs. These were largely concentrated in localities such as Maheshwaram, Narapally, Patancheru among others.
As far as quarter-on-quarter analysis is considered, a marginal jump of six per cent was noted in the supply of 4BHK and above configurations reinforcing the gradually rising need of home buyers to upgrade to larger living spaces.
Also, online listings for Q3 were dominated by plotted developments largely in the peripheries of the city. South Hyderabad had the maximum inventory of these plots. These included localities such as Shadnagar, Kadthal, Yacharam etc. Multiple plotted developments have been mushrooming along the entire periphery of the city.
Builders were more inclined towards the plotted developments constituting 64 per cent of the supply whereas buyers showed more inclination towards independent houses as 45 per cent of the online searches were registered for the same.