Hyderabad: Buying sentiments in Hyderabad are changing rapidly and residential property buyers are willing to spend more if they are able to get a larger living space. Till last year, the demand for residential properties was in the affordable segment, now, this is changing as many people want to spend more (…)
Updated – June 24, 2022, 11:59 pm
Hyderabad: Buying sentiments in Hyderabad are changing rapidly and residential property buyers are willing to spend more if they are able to get a larger living space. Till last year, the demand for residential properties was in the affordable segment, now, it is the case with many people looking to spend more than Rs 80 lakh to live in bigger homes. Similarly, the uber luxury segment (between Rs 2 crore and Rs 5 crore) is also witnessing an increase in demand.
If one looks at the residential areas in Hyderabad, especially the western corridor has always been dominant and now buyers are either looking for 3 BHK and more than 4 BHK homes or are ready to buy row houses and villas. According to experts, this new buying sentiment has developed recently due to the pandemic, higher disposable incomes and the need of space-making buyers to look at properties that are larger in size and higher-end in pricing.
“Most of the new residential buildings coming up in Hyderabad are more focused on larger homes and are priced higher. From buyers preferring to buy three-bedroom or four-bedroom apartments to some looking for independent floors, the entire residential real estate market has evolved over time. While the pandemic has forced people to look at homes that can accommodate both office and personal life, the IT sector – which is a major industry in Hyderabad – has also grown generously, thus, leading to higher disposable income. Have contributed,” says a city-based developer.
Markets are driven by end users
A recent report by Anarock on buyer interest profiling of Indian residential real estate also noted that the service segment is the key socio-economic segment and primary home buyer in India. “After the reforms and the pandemic, the markets have transitioned to being driven by end users as prices have remained range bound for quite some time. Our findings show that mid- to high-end segment units are most preferred in India and service segment buyers drive the housing demand with 68 per cent share. “90 per cent of the Indian housing market is driven by end users,” says Anuj Puri, chairman, Anarock Group.
The same report also mentions that about 93 percent of property purchases in Hyderabad are for end-use and only 7 percent of purchases are for investment purposes. It also mentioned that there is a growing attraction towards larger sized homes, with 3BHK and 4BHK accounting for around 70 per cent of the demand.
In contrast, 2BHKs and 3BHKs dominate in neighboring cities like Bengaluru and Chennai, even as there is modest demand for plots and villas in Bengaluru, the report said. In Chennai, there is still not much demand for 4BHKs and villas while 2BHKs dominate the market.
In terms of price range too, Hyderabad holds a niche, with more than 70 per cent of buyers looking for properties priced above Rs 80 lakh, while the Rs 2 crore to Rs 5 crore segment saw around 17 per cent demand. Has been. cent.