The residential real estate market in Hyderabad has witnessed an impressive demand in the last quarter after the stagnant phase that lasted for nearly six months due to the Covid-19 pandemic. The effects of slowdown seem to be diminishing a bit in the South Indian state, as the sector is settling down in the second part of the financial year.
The recovery is led by softer property rates and new projects in the city. A number of buyers are showing a lot of interest in buying properties near Manikonda Jagir, Hafeezpet, Kondapur, LB Nagar and Kompally, etc. Many properties are being sold both within and outside the main city. The new projects are mostly equipped with all the latest amenities and are constructed at a strategic location. The best thing about these properties is that they are located in close proximity to the key establishments.
Earlier, the residential real estate sector in Hyderabad was boosted by retail and e-commerce boom and the growth trajectory was quite robust before the pandemic struck. Things turned turtle in the time of crisis and any sort of recovery looked like a forgone conclusion. However, the key players of the sector have realized that the big-scale infrastructure projects, metros, MMTS, etc., are still driving people towards the city, which is leading to an increased sale of residential apartments.
The policy changes and political stability have added to the advantage of living in Hyderabad, as the experts predict exciting times ahead for the residential real estate in the city. It is the only metro city, except Pune that has reported such growth in sales between October and December. All the other metro cities have generated less sales compared to Hyderabad, even with the presence of multinational companies and global heavyweights.
Interestingly, Hyderabad witnessed commencement of work on 26,785 new residential units after the lockdown. The residential real estate market of the city remains the most affordable market, as compared to other metro cities. The situation not only presents a great opportunity for investors and buyers, but also for the real estate developers to make up for the stagnant period witnessed during the pandemic.