Demand for residential spaces in Hyderabad sees the sunny side yet again.
In the entire South India, the demand for residential spaces took a hard blow with COVID-19, and in most of the cities, the industry is coping up slowly. But to everyone’s surprise, Hyderabad is making the headlines for its record sales in 2BHK and 3BHK spaces quarter after quarter. Recently, it is reported that Hyderabad proudly occupies the second position as the most expensive market in India. Realtors in the city are expressing their happiness that even during and after the chaos of the pandemic, the demand for residential spaces in Hyderabad has remained unaffected. Especially in the second quarter of 2021, marketers observed a steady rise in the demand and there is no sign of it coming down.
According to the quarterly reports, the July-September quarter of 2021 has been the most profitable period, in which no less than 7,800 units were sold (including 2BHK, 3BHK apartments). Comparing these numbers with that of the earlier quarters, market analysts arrived at a report that showed that the city saw a 222% rise in quarter-to-quarter sales. Adding to these impressive numbers, this staggering quarterly rise in sales amounts to a 140% rise in yearly sales.
Competing with major metropolitan cities such as Mumbai, Bangalore and Pune, Hyderabad has emerged as a growth engine with its growing IT sector, world-class educational institutions, culture that is just a melting pot and a highly feasible cost-of-living. There are several other reasons for this healthy rise in the demand for residential spaces and one of them is related to the COVID-19 pandemic. Because of the restrictions imposed on businesses and social movements for safety, people had to work-from-home and also attend school from home. Analysts say that because of this sudden change in lifestyle, people are looking for bigger homes so that every family member has a space of their own to work and relax. So, along with 2BHK and 3BHK flats, villas are also in high demand.
Of all these staggering numbers, 2BHK and 3BHK units exclusively in and around the financial district contribute to as much as 40% of the total market share. This portrays the pace at which the global IT industry is moving to Hyderabad and the development that is underway. With this growing demand, the IT corridor and the financial district have been spreading towards Patancheru, which is set to become the jewel of Hyderabad real estate sector. Incor Lake City is located right in the heart of Patancheru, which falls close to the highly-regarded IT corridor and also offers the perfect home that is close to the main city and also away from its bustle. Lake City is going to become the most desirable place for those who are looking for a work-life balance and a good investment opportunity.