Property prices in Hyderabad soar 5.8 per cent during January and March months
The locations of Gachibowli, Miyapur, and Kondapur witnessed the highest residential demand due to their proximity to the Outer Ring Road and major employment hubs
Hyderabad: The property prices in Hyderabad have gone up by 5.8 per cent Quarter-on-Quarter (QoQ) due to the demand-supply mismatch during the months of January and March, according to Magicbricks PropIndex Report.
The report for Jan-March 2023 also pointed out that the residential demand grew by 6 per cent QoQ and supply decreased by 14.2 per cent QoQ. The locations of Gachibowli, Miyapur, and Kondapur witnessed the highest residential demand due to their proximity to the Outer Ring Road and major employment hubs.
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The residential market also observed a shift from affordable housing towards mid-segment properties (Rs 5,000 per sft to Rs 7,000 per sft) which commanded approximately 50 per cent of demand and supply in the city. With a continued preference towards spacious homes, the 2 BHKs and 3BHKs commanded 90 per cent of the total demand.
Sudhir Pai, CEO, Magicbricks said, “Given the under-served demand for home ownership in the affordable and mid-range segment, we are optimistic about the growth trajectory for residential demand in the coming quarters as well.”
It is anticipated that the market will stabilise, supplemented by new projects and expedited delivery of under-construction properties, which will open up new avenues for investment and innovation, he said.
According to the report, Mehdipatnam (4.27%), Police Colony in Kondapur (3.96%) and Balanagar (3.75%) had the highest increase in prices QoQ while prices in Banjara Hills (-3.94%), Boduppal (-3.77%) and Nanakram Guda (-03.39%) decreased.
