The locations of Gachibowli, Miyapur and Kondapur witnessed the highest residential demand due to their proximity to the Outer Ring Road and major employment hubs.
Published Date – 8th April 2023, 07:00 AM
Hyderabad: According to the Magicbricks PropIndex report, property prices in Hyderabad increased by 5.8 per cent quarter-on-quarter due to demand-supply mismatch during the months of January and March.
The January-March 2023 report also highlights that residential demand grew by 6 per cent quarter-on-quarter and supply declined by 14.2 per cent quarter-on-quarter. The locations of Gachibowli, Miyapur and Kondapur witnessed the highest residential demand due to their proximity to the Outer Ring Road and major employment hubs.
The residential market witnessed a shift from affordable housing to mid-range properties (Rs 5,000 per sq ft to Rs 7,000 per sq ft), which accounted for nearly 50 per cent of the demand and supply in the city. With a continued preference towards spacious homes, 2 BHK and 3BHKs captured 90 per cent of the total demand.
Sudhir Pai, CEO, Magicbricks, said, “Given the low demand for home ownership in the affordable and mid-range segment, we are optimistic about residential demand growth in the coming quarters as well.”
He said it is expected that the market will stabilise, and new projects and quick delivery of under-construction properties will also take place, opening up new avenues for investment and innovation.
According to the report, Mehdipatnam (4.27%), Police Colony in Kondapur (3.96%) and Balanagar (3.75%) witnessed the highest increase in prices on a quarterly basis, while prices declined in Banjara Hills (-3.94%), Boduppal (-3.77%) and Nanakram Guda (-03.39%).