Survey shows drop in demand for 1BHK units in Hyderabad
According to the latest data from Anarock's 'Homebuyer Sentiment Report' for the second half of 2023 (July-December), the demand for larger homes is on the rise, marking a significant departure from previous trends.
Hyderabad: The skyline of Hyderabad is witnessing a shift as its residents are showing a clear inclination towards spacious living spaces, shunning the once-popular 1BHK apartments.
According to the latest data from Anarock’s ‘Homebuyer Sentiment Report’ for the second half of 2023 (July-December), the demand for larger homes is on the rise, marking a significant departure from previous trends.
Despite life returning to normalcy after the pandemic and amid escalating residential prices, Hyderabadis are opting for expansive living quarters. The report reveals that a mere 4 per cent of respondents expressed a preference for 1BHK units, while a staggering 48 per cent favored 3BHK apartments as their most desired living arrangement. Following closely behind, 44 per cent of respondents favored 2BHK apartments.
Interestingly, the data also highlights a relatively low demand for even larger accommodations, with only 4 per cent of respondents expressing a preference for 4BHK units or more.
Anuj Puri, Chairman, Anarock Group, says, “The supply of bigger homes is seamlessly following the demand for them. Anarock data indicates that average flat sizes in the top seven cities grew by 11 per cent annually last year – from 1,175 sq. ft. in 2022 to 1,300 sq. ft. in 2023. The survey also finds that for the first time, the demand for ready-to-move homes is lower than new launches.”
Various zones within Hyderabad exhibit different budget ranges and average rates for 2BHK units. In Central Hyderabad, the average budget range for a 2BHK apartment falls between Rs 1 crore and Rs 1.5 crore, with an average rate of Rs 8,000 per square foot.
Meanwhile, in East Hyderabad, the budget range is more affordable, ranging from Rs 55 lakh to Rs 70 lakh, with an average rate of Rs 4,750 per square foot. Similarly, North Hyderabad offers 2BHK units within the range of Rs 55 lakh to Rs 65 lakh, with an average rate of Rs 4,850 per square foot. South Hyderabad and West Hyderabad also present varying budget ranges and average rates, catering to diverse preferences and financial capabilities.
The real estate market in Hyderabad has witnessed a significant surge in sales, with 33,900 homes sold during the second half of 2023. This represents a 46 per cent increase compared to the same period in the previous year, underscoring a robust demand for residential properties in the city.
– Hyderabad BHK preference:
* 1BHK – 4%
* 2BHK – 44%
* 3BHK – 48%
* 4BHK & above – 4%
Zone-wise Average Budget Range for 2BHK (in Rs.):
Central Hyderabad: 1 crore to 1.5 crore
East Hyderabad: 55 lakh – 70 lakh
North Hyderabad: 55 lakh – 65 lakh
South Hyderabad: 45 lakh – 55 lakh
West Hyderabad: 65 lakh – 90 lakh
Average Rate (Rs/sft):
* Central Hyderabad: 8,000
* East Hyderabad: 4,750
* North Hyderabad: 4,850
* South Hyderabad: 4,800
* West Hyderabad: 6,550
