Hyderabad residential market stays buoyant
Hyderabad: Hyderabad is emerging as an expansion hub for many residential developers, both national and city-based companies, given the strong growth outlook the market has shown. This momentum is expected to continue in 2022 and beyond, according to industry experts. Prestige Group recently launched Beverly Hills, a prime residential development in Hyderabad, located in the […]
Hyderabad: Hyderabad is emerging as an expansion hub for many residential developers, both national and city-based companies, given the strong growth outlook the market has shown. This momentum is expected to continue in 2022 and beyond, according to industry experts.
Prestige Group recently launched Beverly Hills, a prime residential development in Hyderabad, located in the emerging commercial and residential hub of Kokapet, with three high-rise towers (comprising three and four-bedroom homes) with a cumulative 816 apartment units.
Irfan Razack, CMD, Prestige Group, told Telangana Today, “The project would be completed including all the amenities and clubhouse by May 2025. The total estimated project cost is around Rs 1,100 crore.”
Prestige Group last October completed two residential properties- Prestige High Fields and Prestige Nirvana. Prestige High Fields is an apartment project in the heart of Hyderabad’s financial district at Puppalaguda while Prestige Nirvana is a layout project at Rajendra Nagar.
Razack added, “Over the course of the last six years, Hyderabad has become one of the fastest growing real estate markets in India.”
Hyderabad-based Aparna Constructions and Estates is investing Rs 450 crore into its Aparna Kanopy Yellow Bells project, a residential gated community located in Kompally. It marks the 59th residential project of the company.
Motilal Oswal Financial Services expects new residential launches to remain higher than demand in Hyderabad market, owing to the strong growth momentum, the city has displayed quarter-on-quarter.
Hyderabad is among the top-rated markets in India with the lowest overhanging residential inventory during 2021. The city is witnessing robust growth as it has been considered as an alternate commercial destination to Bengaluru over the last few years.
Growth driver
Rakesh Reddy, director, Aparna Constructions & Estates, said, “Hyderabad led the recovery in 2021, with affordable living and excellent infrastructure being the two driving factors for continued real estate investment in the city. The year 2021 has been a largely positive year for the city, which leads in new project launches amongst Indian cities, with an increase of 19 per cent in 2021 compared to the previous year.”
Reddy added, “Localities such as Gachibowli, Tellapur, Dundigal, Nallagandla, Medchal and Kompally saw the most project launches with many developers focusing on 3BHK units, constituting 52 per cent of the overall supply. Hyderabad had the lowest inventory overhang due to the high sales numbers. This is a strong indicator that property demand in Hyderabad will continue to rise in 2022.”
Office growth has contributed to the growth of the residential sector in the city. About 55 per cent of the commercial space in Hyderabad is absorbed by IT / ITeS companies.
Shishir Baijal, CMD, Knight Frank India, said, “Hyderabad is one of the most resilient markets, which has performed well even during the pandemic. What is further heartening to note is that both commercial as well as residential markets remained buoyant during the last few quarters.”
Hyderabad witnessed property registrations worth Rs 25,330 crore in 2021. Total number of properties registered in the full year 2021 was 44,278, which was higher by 96 per cent as against 2020.
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