Demand for residential spaces in Hyderabad sees a surge
Hyderabad has become the most happening city in the entire south India and this is being proved by the ever increasing demand for residential spaces in the city. The Corona pandemic has left each and every industry at huge losses and all though this time, most industries tried to stay afloat with meager business. Real estate is one industry that took a big blow in the past eighteen months. However, it did not take much time for the real estate industry in Hyderabad to cope up and restart business.
Recently, it has been reported that the residential space market in Hyderabad saw a 60% growth in the first three months of 2021. Thus, Hyderabad has become the No.1 city to record a growth over 50% among all the major metros of India. In the three month period it is estimated that over 4200 homes have been sold. On the contrary, it is observed that only over 2000 homes have been sold in the beginning of 2020, making 2021 a remarkable year for Hyderabad. Along with the buying and selling of residential spaces, the city witnessed over 7000 new ventures and projects that were started this year. This makes the city more promising and in-demand compared to Chennai and Bengaluru. Though the business is not as expected as forecasted, the current pace at which the industry is growing is a good sign that the industry is on the right track towards expansion and demand, despite the hard blows of the pandemic.
With the rising demand, experts have estimated a slight hike in the overall prices. But it is suggested that the rise in price also indicates a rise in the overall value of the property/home one buys and that it only increases eventually irrespective of the consequences of the pandemic. This is the reason why people are positive about investing in a residential space in Hyderabad. The government has estimated about 950-crore worth transactions in the residential space sector each month. However any official report has not been released yet.
Financial experts are saying that people are ready to own residential spaces in Hyderabad for two main reasons: the first is that the RBI has not changed its repo rate and maintained a low interest rate for a long time, and the second is that the city of Hyderabad is promising a better future with security and opportunities. These factors are also prompting the middle class citizens to realize their dreams of owning a house in Hyderabad. Recently a proposal for ‘land army’, which protects and secures property, has been made to the government bodies, which might soon become a reality.
Owing to all these factors, the facts, figures and expert analyses suggest that investing on residential property in Hyderabad would be a good idea and a fruitful decision.