Affordable oasis amidst rising property prices
Hyderabad: Despite the steady increase in property prices across India’s top metros, Hyderabad stands out as an affordable city for property buyers. A recent report by property consultant Anarock compared average property prices in seven major cities, including Delhi-NCR, Kolkata, Mumbai, Pune, Hyderabad, Chennai, and Bengaluru. The findings revealed that the average property price in Hyderabad is Rs 4,620 per square foot, significantly lower than other cities.
The real estate market in Hyderabad has been witnessing consistent growth, driven by rising demand for residential and commercial properties. The state government's efforts to develop infrastructure and improve connectivity have played a crucial role in boosting the real estate sector. Additionally, the city is home to several major IT companies, attracting a large number of working professionals.
Over the past five years, Hyderabad has experienced a maximum yearly increase of 10 percent in average property prices. Despite this growth, it remains one of the most affordable cities in India to buy property. In 2018, the average price per square foot in Hyderabad was Rs 4,128, which rose to Rs 4,620 in 2022. In comparison, Bengaluru witnessed an average price of Rs 5,570 per square foot in 2022, while Mumbai topped the list with Rs 11,875 per square foot in the same year, followed by Pune at Rs 6,000 per square foot.
The surge in average property prices in recent years can be attributed to the increased demand after the pandemic, as well as rising input costs for developers. Branded developers, capitalizing on strong demand and rising construction costs, have not hesitated to increase prices. Looking ahead, 2023 is expected to continue being driven by end-user demand, making it an opportune time for serious long-term investors to explore the market.
Hyderabad’s affordability, coupled with its growth in infrastructure and IT industry, make it an attractive destination for property buyers, distinguishing it from other major cities in India.