HYDERABAD: With Hyderabad’s ‘affordable’ tag drawing home-buyers to its shores from across India, the city is set to add another 14,000 to 15,000 residential units to its inventory this year. The projected supply is double of what hit the local market in 2017 and 2018 – 6,000 and 7,000 respectively – say industry insiders.
While 25 per cent of these fresh launches will comprise top-end villas and apartments running up to ₹4 crore and beyond, a bulk of Hyderabad’s new houses are expected to flaunt price-tags of not more than ₹40 to ₹80 lakh.
Top five destinations: Kondapur, Financial District, Shaikpet, Narsingi and Puppalguda — all located along the city’s rapidly expanding IT corridor.
“The residential sector is growing exponentially with people from Maharashtra, Karnataka and even neighbouring Andhra Pradesh looking towards the city to buy property. Announcements about a slew of IT firms setting shop here – which in turn promises to generate thousands of jobs — has further fuelled the momentum,” said D S Prasad, director, Aparna Constructions and Estates Pvt Ltd. The major real estate firm is set to start work on 20-25 million square feet (sft) of residential space in 2019.
Adding to the kitty is another big-ticket construction company Rajapushpa Properties Pvt Ltd that already has a sizeable footprint in the western corridor. Over the next four-six months, the group will launch at least four million sft of housing area in Financial District, Kokapet and Tellapur. “The price point of new projects is 10 to 15 per cent higher. But even then, the average cost of homes here – with similar features and amenities — is 40 per cent lower than Bengaluru and Chennai. That makes this market more attractive,” said P Sreenivas Reddy, executive director of the company. He added: “The supply in the last two-three years was much lower than the market’s requirement. While this year, we hope to bridge that gap to some extent, I think we’ll still have an unmet demand.”
Reiterating the rise in demand, Veera Babu, managing director of the real estate services firm, Cushman & Wakefield (Hyderabad) said how buyers are actively looking for properties in Hyderabad, be it plots, flats, independent houses or villas. “Developers are also bullish and have proposed several projects. The supply pipeline is higher than last year though we expect some of the projects to get pushed to the first quarter of 2020. While the western quadrant will remain the favourite for developers and buyers, we see that eastern and northern quadrants are also gaining traction. The next twothree years will be much better for Hyderabad’s residential market.”