Hyderabad witnesses surge in demand for ready-to-move-in properties
Buyer behavior in Hyderabad has undergone a significant change, marked by an impressive 84% increase in the demand for ready-to-move-in (RTMI) properties.
Hyderabad: Hyderabad has witnessed a remarkable shift in buyer behavior, with an overwhelming 84 per cent surge in demand for ready-to-move-in (RTMI) properties. The recent NoBroker Annual Real Estate Report 2023 sheds light on this substantial increase.
Notably, the escalating preference for RTMI inventory finds its roots in the necessity for swift relocations, particularly among renters, constituting a significant portion of this emerging trend. Simultaneously, investors are seizing the buoyant real estate market, eyeing lucrative prospects for higher rental yields.
Also Read
According to the report, the driving forces behind this surge in housing demand among Hyderabadis are multifaceted. The steep rise is influenced by expensive rental rates, with 33 per cent of individuals citing this as a reason, while 33 per cent find the affordability of house buying an encouraging factor. Additionally, 29 per cent emphasize the security of owning a physical asset as a key motivation for investing in properties within the city.
“In Hyderabad, we continue to see an inclination towards buying a property within the city,” the report highlighted, with a staggering 86 per cent expressing a preference for purchasing homes within city limits as opposed to a mere 14 per cent considering properties on the outskirts.
The survey conducted among first-time buyers further revealed a noteworthy shift, with 87 per cent seeking properties for personal use while 13 per cent viewed them solely as investments. The majority of prospective buyers in Hyderabad, totaling 68 per cent, are aiming for houses within the Rs 60 lakh bracket, primarily favoring 2 BHK configurations.
Vaastu continues to hold significance among homebuyers, with 89 per cent of Hyderabadis indicating that they consider Vaastu compliance before finalizing a purchase.
Saurabh Garg, Co-founder & Chief Business Officer at NoBroker, commented on the sector’s growth, citing a surge in demand for property buying, escalating rentals, and soaring property prices in 2023.
“Most Grade A builders have experienced over 50 per cent growth in sales, over the previous year. More new launches are still coming up to cater to the demand. Buyers are keen despite the price hike and builders are seizing the opportunity with new launches across cities,” he said.
Meanwhile, the Financial District in Hyderabad has emerged as a coveted destination for businesses and IT hubs, leading to a surge in demand for properties. However, the report cautioned about a scarcity of RTMI properties, pushing prices higher.
According to the report, builders, in response, are now opting for larger properties to meet the demand for more spacious residences, especially in the IT corridor where prices have reached around Rs 11,000/sqft.
The report also identified the best-performing micro-markets such as Kundanpally and Gachibowli and highlighted localities like Kukatpally, Kondapur, Miyapur, Manikinda, and Nizampet as top buyer preferences.
City-wise breakdown of property preferences
Bangalore: Ready to Move In: 88%; Under Construction: 5%; Plots: 7%
Chennai: Ready to Move In: 84%; Under Construction: 6%; Plots: 10%
Delhi-NCR: Ready to Move In: 78%; Under Construction: 13%; Plots: 9%
Hyderabad: Ready to Move In: 84%; Under Construction: 8%; Plots: 8%
Mumbai: Ready to Move In: 90%; Under Construction: 8%; Plots: 2%
Pune: Ready to Move In: 81%; Under Construction: 9%; Plots: 10%
Top buyer localities of 2023
Kukatpally, Kondapur, Miyapur, Manikonda, Nizampet
Most sought after localities for rent
Puppalaguda, Nizampet, Hafeezpet, Madhapur, Nanakramguda
