August 4, 2020: The residential real estate of Hyderabad witnessed an uptick in the months of May and June after a dip in the month of April. Major enquiries and transactions were were seen for localities such as Narsingi, Kokapet, Gachibowli, Patancheru and Bachupally, mostly areas bordering the IT corridors of the city.
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Residential projects including 3 BHK units priced within Rs 50-70 lakh budget and independent houses pegged at Rs 80 lakh to Rs 1 crore remained the focus segments.
Nizampet in the West also saw interest from the homebuyer community. Kondapur and Nagole saw around 3% growth in the capital prices, Q-on-Q according to a latest report by a realty player. Proximity to HITEC City boosted the average prices in Kondapur. Nagole in the East has a lot of low-cost inventory and metro connectivity via Blue Line attracting buyer interest. Localities of Gachibowli, Kondapur, Manikonda and Kukatpally have the maximum unsold stock.
Rentals in Hyderabad have risen a little. Localities of HITEC City, Attapur and Banjara Hills remained popular among tenants and recorded a 5-6% hike in average yearly rents. Though closeness to Gachibowli powered demand in Attapur, Banjara Hills and HITEC City were preferred owing to their premium location, commercial significance and the presence of IT/ITeS firms.
Significant price growth
Despite the pandemic stress, property prices have continued to move upwards in Hyderabad during the April-June period of 2020. During the period, builders sold over 1000 homes.
Unlike most other markets, price growth in Hyderabad has been consistent over the past few years. The dip in demand is temporary and is due to the economic uncertainty but is slated to revive over the next few quarters. The new launches this year may not match the volumes of prior years. Prices may continue to expand but not at the same pace as over the last few years.
The city which is India’s pharmaceutical capital and an IT stronghold currently has the lowest level of unsold inventory across the eight prime residential markets. Unsold inventory has also declined by 20%.
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