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Hyderabad is one of the major cities in India and has experienced significant growth in its real estate sector over the past decade. The city has been a hub for information technology and business process outsourcing (BPO) industries, which has attracted a large number of professionals and contributed to the demand for residential and commercial properties.
Residential Properties in Hyderabad: Hyderabad has witnessed a steady increase in residential property demand, particularly in areas close to major IT and business hubs such as HITEC City, Gachibowli, Madhapur, Kondapur, and Financial District. These areas have seen the development of numerous apartment complexes and gated communities to cater to the housing needs of the growing population. The development of gated communities and high-rise apartments with modern amenities has been a prevalent trend in the city, appealing to buyers seeking a better quality of life and a sense of community. Also, developers in Hyderabad have focused on providing affordable housing options to cater to the needs of middle-income and first-time homebuyers. This segment has seen substantial growth due to increased government incentives and schemes.
Commercial Properties in Hyderabad:
Hyderabad's real estate market has a significant focus on commercial properties, particularly office spaces. The city has been a major destination for IT and tech companies, leading to a surge in demand for commercial office spaces in areas like HITEC City and Gachibowli. The rise of co-working spaces has been a notable trend in Hyderabad, catering to startups, freelancers, and small businesses seeking flexible and cost-effective office solutions.
With increasing disposable incomes and urbanization, there has been steady growth in the retail sector, leading to the development of shopping malls and retail spaces in various parts of the city.
According to the data from Anarock Research highlights the significant shift towards under-construction properties and the positive impact on the city's real estate sector. Here are some key takeaways from the report:
Strong Demand for Newly Launched Units: Hyderabad stands out as the city with the highest sales share of new units, with over 46% of the approximately 14,280 units sold during the first quarter of 2023 being newly launched projects. This indicates a considerable preference for under-construction properties among homebuyers in the city.
Departure from Ready-to-Move-In Homes: The trend indicates a departure from the traditional preference for ready-to-move-in homes. While ready-to-move-in properties continue to be in demand, home buyers are increasingly accepting under-construction properties due to factors like RERA compliance and the involvement of well-funded branded developers.
Upward Trajectory of Fresh Launches: The share of newly launched homes in total sales has witnessed a remarkable upward trajectory in the top seven cities of India. Fresh launches accounted for only 26% of total sales in Q1 2019, increased to 36% in Q1 2022, and further rose to 41% in Q1 2023, showing a growing trend of interest in under-construction projects.
Factors Driving the Surge in Demand: Several factors contribute to the surge in demand for newly launched units, including improved project completion track records of developers, increased compliance with RERA regulations, and attractive cost arbitrage offered by under-construction properties.
Impact on Other Cities: The trend is not limited to Hyderabad; other cities like Bengaluru have also witnessed notable shifts in homebuyer preferences, with a significant increase in the sales share of fresh launches.
Impact on Investor Activity and Price Stability: The resurgence of investor activity has positively impacted sales, but a balanced market driven by end-users helps maintain price stability.
In conclusion, the real estate market in Hyderabad is experiencing a significant shift, with a growing preference for newly launched residential properties. Homebuyers are increasingly accepting under-construction projects due to factors such as RERA compliance and the involvement of well-funded developers. This trend reflects a departure from the traditional preference for ready-to-move-in homes and has positively impacted investor activity. The surge in demand for newly launched units indicates a positive outlook for Hyderabad's residential sector and suggests changing buyer preferences in the city's real estate landscape.
Article authored by: Team Propfynd
Date: 24th July, 2023