Hyderabad suburbs sought-after by homebuyers
Prefer peripheral areas where they can buy bigger homes with better lifestyle amenities at lower prices: Study.
Hyderabad: The tentacles of real estate development have started to spread and encompass the areas beyond the city suburbs.
With the city core exhausted long back, Hyderabad in the last decade and a half has seen what then were suburbs such as Gachibowli, Kondapur, Nizampet, Suchitra Junction and others, taken over by realty boom.
With the then suburbs too joining the city’s main area and bustling with residential, commercial and office activities, the constructed inventory here was sold like hotcakes while the available stocks and those under development, have gone pricey. This has pushed the property interest to move further ahead and go beyond the peripheral locations to scout for newer development prospects.
It was the western parts of the city that heralded the real estate boom and nurtured it and understandably, the locations beyond these parts of the city have come into demand. The fact that Hyderabad has a lot of potential for radial growth and expansion widely, helped developers and builders to explore new areas and the peripheral areas in the last couple of years have started to bleep high on the city realty radar.
In his ‘Top Trends that shaped India’s housing market in 2022′, Anuj Puri, Chairman, Anarock Group, lists Puppalaguda, Tellapur and Ameenpur, as the top three micro-markets with the highest supply in Hyderabad. During the year, new supply from these areas was approximately put at 13,690 units.
Highlighting ‘The rise of the suburbs’, Anuj Puri says, “Peripheral locations led homebuyer demand in 2022, despite the near-normal situation post-Covid-19. The walk-to-work concept, which involves compact homes around workplace hubs in expensive city centres, lost more traction. The suburbs shone despite work-from-office and physical school attendance having resumed.”
The latest consumer sentiment survey by Anarock too underscores the trend. “Forty-two per cent of respondents in the latest Anarock consumer sentiment survey continued to prefer peripheral/suburban areas where they can buy bigger homes with better lifestyle amenities at lower prices,” he says. Only 10 per cent of respondents chose walk-to-work city centre locations, and only 23 per cent were within the city limits.
Meanwhile, Anarock’s compilation of the top trends of the Indian housing market in the year 2022 observed, “2022 was a phenomenal year for the real estate sector, particularly the residential segment. There was robust housing demand, mainly from end-users, across the top cities and tier 2 and tier 3 cities.”
The trends include a decline in affordable housing demand while mid-range and premium housing dominated the launches. According to Anarock report, the mid-range (Rs 40 lakh-80 lakh), premium (Rs 80 lakh-Rs 1.5 crore), and luxury segments (>;Rs 1.5 crore ) were the showstoppers of 2022. In contrast, affordable housing had a lean time, with more buyers in this segment going into wait-and-watch mode; unsurprisingly, new supply in this category reduced markedly.
Price Rise
In the year 2022, housing prices increased by an average of 5 per cent to 7 per cent, but this — coupled with increased home loan rates — did not impact residential sales in 2022. These price hikes were inevitable after relative stagnation for two to three years, Anuj Puri pointed out.
