Larger homes in high demand in Hyderabad
The analysis of the behaviour of the buyers has given a clear indication that a majority in Hyderabad have shifted their focus from affordable housing to mid-end and high-end homes.
Hyderabad: The trend of upgrading homes and moving into larger living quarters among consumers that began during the pandemic in the Hyderabad has continued in September of this year, according to the latest assessment of sales data from Knight Frank.
The analysis of the behaviour of the buyers has given a clear indication that a majority in Hyderabad have shifted their focus from affordable housing to mid-end and high-end homes.
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A report by Knight Frank, the independent real estate consultancy, reveals that residential units in the price band of Rs 25 to Rs 50 lakh constituted 55 per cent of the total sales in September this year, which is an increase from a share of 39 per cent in September last year.
While sales registrations for properties with ticket sizes of over Rs 50 lakh increased to 28 per cent in September this year from 25 per cent in September last year, the affordable housing segment accounted for a mere 16 per cent of the demand.
The category of sales in units larger than 1,000 square feet yielded the maximum demand, accounting for 81 per cent of the overall demand. Homes in the size of 1,000 to 2,000 square feet accounted for 71 per cent of all sales during the period, the report said.
Meanwhile, stating that Hyderabad is still affordable compared to other metro cities like Mumbai and Bengaluru, Samson Arthur, senior branch director-Hyderabad, Knight Frank India, says, “Surge in price is surely expected and it is definitely not considered as a negative trend. The average price is roughly around Rs 6,000 square feet in Hyderabad, while it is much higher in other cities.”
He further adds that the ensuing immense growth of the city, 2 BHKs, and even 1 BHK is a good sign since co-living is on the rise.
“There are lots of people who prefer ready-made houses. Many will be willing to put money on 1 BHK, especially in the Western corridor. Though not for their personal use, they are definitely looking for investment purposes due to high ROI (Return of Investment). Hyderabad is already heading that way,” he shares.
Since buyers are largely working couples or young professionals, and while the final verdict on the future of workplaces is yet to emerge, changes in home design are on the horizon, as hybrid model of working continues to remain popular.
