Hyderabad: For 26-year-old first-time homebuyer Sanjay Kumar, choosing a residential property of his choice was the toughest decision of his life, but he was clear about one thing – “I will only buy a house that is new and fully constructed”. Kumar did not want to wait and bargain (…)
Published Date – 27 May 2022, 11:05 PM
Hyderabad: For 26-year-old Sanjay Kumar, a first-time homebuyer, choosing a residential property of his choice was the toughest decision of his life, but he was clear about one thing – “I will only buy a house that is new and fully constructed”. Kumar did not want to go through the hassle of booking a property under construction and then waiting for another year or two and then spending a few months getting the interiors done and then moving into the house.
Kumar says, “After saving for about four years, I was able to arrange the down-payment for a house and take a home loan at a low-interest rate. And finally, at the age of 26, I zeroed in on a property of my choice. I must have looked at more than 10-15 residential houses before finalising my dream home. And during that period of searching, I came across many old properties and some under-construction properties as well. I was not willing to buy an old property because I would have to spend more money again to get it repaired and the waiting period for under-construction properties was long.”
This 26-year-old IT professional is part of the same category of young new buyers who are keen to purchase new and fully constructed properties despite the rising share of under-construction real estate in the city.
Apart from the reasons mentioned by Kumar as to why he prefers fully constructed new homes, other reasons include low maintenance costs, immediate possession of the home and a home that is fully equipped with the latest amenities, while developers are looking at providing smart fittings in new residences. With the current low rate of interest and real estate becoming a preferred option of investment, many youngsters are also keen to buy the home of their choice.
Several reports have also pointed out that first-time property buyers are looking at Hyderabad and the city has the highest number of first-time buyers, behind cities like Bengaluru, Chennai, Delhi-NCR and Mumbai. A report by NoBroker.com states, “Factors such as low interest rates and the security of owning physical property were the top priorities for buyers in Hyderabad, while more than a third of the respondents preferred ready-to-move-in space over under-construction property. Over 84 per cent of buyers are looking to buy it for personal use and about 61 per cent are looking at properties priced below Rs 60 lakh.”
“Our 3BHK apartment in Narsingi is equipped with the latest tech-savvy products and the community is also safe and has a lot of greenery. Though under-construction homes are available at a lower price, the time taken to move into the home is more. So, when the property was completed, we booked the apartment and moved into it immediately with our furniture and personal belongings,” says Nishita Reddy, a 28-year-old private employee.
A recent report by Anarock also points to the fact that unsold inventory in Hyderabad has increased from 53 months a year ago in the first quarter of 2021 to 27 months in the same period this year. This shows that many new properties are being sold in Hyderabad and in terms of new residential supply, Hyderabad saw the highest ever level of new launches in 2021 – about 234 per cent higher than the average historical annual supply. It also noted that in the first quarter of 2022, around 13,140 units were sold in the city, registering the highest sales growth of 199 per cent across all top seven cities compared to the same period in 2021.
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