Hyderabad key for first-time homebuyers

Hyderabad: Residential property segment in the city has been on growth path with many new projects and high supply and demand for property. Added to this is the low interest rate on home loans and higher disposable incomes has pushed the envelope for the real estate sector in the city. Meanwhile, a spurt of young […]

Hyderabad: Residential property segment in the city has been on growth path with many new projects and high supply and demand for property. Added to this is the low interest rate on home loans and higher disposable incomes has pushed the envelope for the real estate sector in the city. Meanwhile, a spurt of young professionals zeroing in on Hyderabad as their preferred place to stay has also contributed to this segment’s growth.

If cities like Mumbai, Delhi-NCR and Bengaluru are slowly becoming saturated in terms of residential properties, Hyderabad is proving to be the best investment option for many buyers. As per a new report, the city records the highest number of first-time buyers and has left behind other metros like Bengaluru, Chennai, Delhi-NCR and Mumbai.

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2021 Real Estate Report by NoBroker.com shows that Hyderabad continues to be the city with the maximum number of first-time buyers at 69 per cent. Last year, the city had a whopping 84 per cent of repeat buyers, the report says. Bengaluru recorded 61 per cent first-time buyers while Chennai stood at 53 per cent, Delhi-NCR at 57 per cent, Mumbai at 60 per cent and Pune at 49 per cent. “Factors like lower interest rate and security of owning a physical asset were the top priority for buyers in Hyderabad, while more than one-third of respondents preferred a ready-to-move in place when compared to an under-construction property. More than 84 per cent of buyers are looking to buy it for self-use and about 61 per cent are looking at properties below Rs 60 lakh,” the report mentions.

The need for space is also being reflected in the report which shows that more than 80 per cent of buyers are interested in buying either a 2BHK or 3BHK unit size apartment.

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