According to the latest data from Anarock’s ‘Homebuyer Sentiment Report’ for the second half of 2023 (July-December), demand for larger homes is on the rise, a significant departure from previous trends.
Publication date- March 5, 2024, 06:05 pm
Hyderabad: Hyderabad’s skyline is witnessing a change as its residents are showing a clear inclination to ditch the once popular 1BHK apartments and move towards spacious living spaces.
According to the latest data from Anarock’s ‘Homebuyer Sentiment Report’ for the second half of 2023 (July-December), demand for larger homes is on the rise, a significant departure from previous trends.
Despite life returning to normalcy after the pandemic and rising residential prices, Hyderabadis are opting for spacious living quarters. The report shows that only 4 per cent of respondents expressed preference for 1BHK units, while 48 per cent preferred 3BHK apartments as their most desired living arrangement. Last but not least, 44 per cent respondents favored 2BHK apartments.
Interestingly, the data also highlights relatively low demand for larger residences, with only 4 per cent of respondents expressing preference for 4 BHK units or more.
“The supply of bigger homes is in line with the demand,” says Anuj Puri, chairman, Anarock Group. Anarock data shows that the average flat size in the top seven cities grew 11 per cent year-on-year last year – from 1,175 sq ft in 2022 to 1,300 sq ft in 2023. The survey also found that for the first time, demand is priced lower for ready-to-move-in homes compared to new launches.
Different areas of Hyderabad exhibit different budget ranges and average rates for 2BHK units. In Central Hyderabad, the average budget range for a 2BHK apartment is between Rs 1 crore to Rs 1.5 crore, with an average rate of Rs 8,000 per square foot.
Meanwhile, in East Hyderabad, the budget range is more affordable, ranging from Rs 55 lakh to Rs 70 lakh, with an average rate of Rs 4,750 per square foot. Similarly, North Hyderabad offers 2BHK units between Rs 55 lakh and Rs 65 lakh, with an average rate of Rs 4,850 per sq ft. South Hyderabad and Western Hyderabad also offer different budget ranges and average rates, catering to different preferences and financial capabilities.
The real estate market in Hyderabad has seen a significant increase in sales, with 33,900 homes sold during the second half of 2023. This represents an increase of 46 per cent compared to the same period last year, underscoring the strong demand for residential properties. City.
– Hyderabad BHK Priority:
* 1BHK – 4%
* 2BHK – 44%
* 3BHK – 48%
* 4BHK and above – 4%
Zone-wise average budget range for 2BHK (in Rs):
Central Hyderabad: 1 crore to 1.5 crore
East Hyderabad: 55 Lakh – 70 Lakh
North Hyderabad: 55 Lakh – 65 Lakh
South Hyderabad: 45 Lakh – 55 Lakh
West Hyderabad: 65 Lakh – 90 Lakh
Average Rate (Rs./Sq.):
* Central Hyderabad: 8,000
* East Hyderabad: 4,750
* North Hyderabad: 4,850
* South Hyderabad: 4,800
* West Hyderabad: 6,550