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Property values see upswing in Hyderabad
Property values in Hyderabad continue to see positive growth even though the growth momentum on the demand and supply side might have been halted because of the coronavirus induced lockdown
Hyderabad: Property values in Hyderabad continue to see positive growth even though the growth momentum on the demand and supply side might have been halted because of the coronavirus induced lockdown.
According to a report by Elara Technologies-owned online property brokerage firm, PropTiger.com, property value in what is often called India's pharmaceutical capital increased by 9 per cent in the January-March 2020 period when compared to the same period last year.
From Rs 4,977 per square foot (psf) in Q4FY19, average price of flats in the City has grown to Rs 5,434 psf in Q4FY20, shows the report titled Real Insight: Q4FY20.
A consistent increase in prices over the past few years has now made Hyderabad real estate more expensive than real estate in India's information capital Bengaluru and automobile manufacturing hub Chennai.
Primarily because of the Covid-19 situation, home sales in the city fell 39 per cent year-on-year, with the sale of only 5,554 units during the quarter ended March 31, 2020.
New launches saw an even sharper deceleration, falling 56 per cent YoY. The report reveals that during the March quarter, a mere 3,904 new units were launched in Hyderabad.
"Consistent price increases over the past few years have transformed Hyderabad from an affordable property destination into a city of mid and luxury segment homes.
This is why the share of affordable homes is lower both in the number of sales as well as the number of launches in this market," says Dhruv Agarwala, Group CEO, Housing.com, Makaan.com and Proptiger.com.
Hyderabad is different from most cities where affordable homes claim a lion's share in quarterly sales as well as launches.
Only 14 per cent of all homes sold during the quarter in Hyderabad were units priced up to Rs 45 lakh- the government defined ticket size for homes to fall in the affordable category. In terms of launches, too, only 36 per cent units were from the affordable segment.
