Property prices in Hyderabad up by 7 per cent

Hyderabad: The property prices in Hyderabad showed an annual 7 per cent increase in the first quarter of calendar year 2022, says a report by an online real estate company. It attributed the price hike to the overall economic growth that is seen improving the prospects of India’s biggest employment generating sector. According to a […]

Hyderabad: The property prices in Hyderabad showed an annual 7 per cent increase in the first quarter of calendar year 2022, says a report by an online real estate company. It attributed the price hike to the overall economic growth that is seen improving the prospects of India’s biggest employment generating sector.

According to a report by PropTiger.com which analyses the performance of India’s eight prime residential markets, average rate of property in Hyderabad now stands at Rs 6,000-6,200 per sft, making it the second most expensive market covered in the list.

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“Aside from sky-rocketing construction material costs, prices growth in Hyderabad is also being fueled by an improvement in demand for large, luxury homes,” says Vikas Wadhawan, Group CFO, PropTiger.com, Housing.com & Makaan.com. According to sector insiders, residential prices in India are expected to rise at a faster pace than predicted earlier.

While new supply increased 92 per cent during Q1 2022 when compared to the same period last year, residential sales in the city witnessed a 15 per cent fall in the period covered. On a quarter-on-quarter basis, however, sales registered a 53 per cent jump.

 

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