If that’s not all, launches of new housing projects too picked up pace — almost touching the 7,000-mark — in Hyderabad this year bringing with it a marginal upward revision in property prices. This, even as costs in Bengaluru and Chennai remained unchanged.
Industry experts attribute this slow yet significant growth to a host of reasons: Relatively affordable property prices (despite the rise), robust social and physical infrastructure, among others. “Also the city has witnessed some momentum in office leasing activity, the pandemic notwithstanding. That’s given an edge to its residential market too,” said Anuj Puri, chairman, Anarock Property Consultants.
City developers admit to have made a 50% to 60% recovery, since the pre-Covid-19 period. “Though the market is still far from being in the pink of health, the traffic of enquires (both online and offline) has improved substantially from what it was during the first half of 2020. Genuine home-buyers who are financially stable aren’t holding back their plans any more,” said Tapas Patel, CEO of Om Sree Builders and Developers, with multiple projects in Secunderabad. The firm is in the process of launching a new venture shortly.
Given the mood of the market, experts feel it’s the right time to invest in Hyderabad. “With home loan rates at all-time-low in over a decade, and expected to continue to remain so through 2021, and developers offering various incentives to push sales, it is a good time to buy a house in Hyderabad provided one has financial stability, said Veera Babu, managing director of the major real estate services firm, Cushman & Wakefield (Hyderabad). He added: “Though after a good Q1in 2021, the sentiments have been dampened because of the second wave, it’s impact is likely to be temporary. The market will certainly bounce back in line with reduction in active caseload and faster vaccinations that’ll improve consumer demand in the second half of 2021 – early 2022 and sales will come back to average levels again.”