Global real estate consultant Knight Frank reported that the realty market of Hyderabad, compared to all metros of India, is the most affordable one.
There has been a steady increase in the number of new launches in all the metro-cities of India. However Hyderabad had more number of residential projects launched in the middle and lower housing segment. Nearly 88% of the total home launches are in the low housing segment. In fact, this affordability of the city is what attracts people to the city as well.
Hyderabad has been witnessing a price correction since 2008, the year in which the Telangana Turmoil took place. Due to the Telangana issue, sluggishness had covered the city. No one considered Hyderabad as a suitable place for living. However with the recent IT and ITeS boom and the industrial growth, the city has become a favorite home destination now.
At present both IT and ITeS sectors and the Industrial sectors are growing at a faster pace. As this growth offers better job opportunities to the people, they raise demand for housing units here. In Hyderabad, property prices are far lower in comparison to other metros of the country.
All the more the developers of the city are competing to offer more affordable homes to the general public. This situation is boosted by the government orders which were initiated recently. Recently GO 245, government order 245, freed real estate developers from the bonds of EWS/LIG housing norms.
Adding to all, metro rail plans also were accepted. With the arrival of metro rail the city will have better connectivity. This also improved the buyers’ sentiment. Though the buyers’ sentiment is boosted, developers remained cautious in providing more affordable homes.
This might be what tempted Knight Frank, the global real estate consultancy firm, to rank Hyderabad as the most affordable realty market in India. There have been an increased number of new launches in Gachibowli, Kondapur, Kukatpally, Madhapur, Raidurgam and other nearby areas of the city.