The real estate sector in India is taking a turn from sluggish to the fast lane. Of all the major Indian cities, the one witnessing a tremendous positive in the sector is Hyderabad. The city that has seen a parallel growth in love for its heritage and modern realty.
As per the latest industry reports, the Hyderabad realty market, along with an increase in sales has also seen a growth of 2 per cent in property prices, which is the maximum among all the major Indian cities.
Miyapur, Manikonda, Kukatpally, Nizampet and others are a few of the locations that top builders in Hyderabad have invested in. According to the Insite Report by 99 acres, these localities have gone under a quarter-on-quarter 4 per cent rise in the property prices.
The report, which undertook the overall development in the construction sector, and considered major names including Modi Builders, Phoenix Group, Ashoka Developers and more, stated, “Ahead of the state elections, the quarter was marked by an increase in the number of property enquiries. Hyderabad witnessed a spike in property enquiries from non-resident Indians (NRIs), a section of buyers who had withdrawn from the Indian realty market after demonetization in November 2016.
According to the report, the rent rates in the city have also increased significantly in the third quarter, July – September. The booming IT industry continued to boost the rental market, where prices grew by 5 per cent between July and September as against the same period last year… The extension of the current metro route, launch of the RERA website and progress on multiple infrastructure projects are seen as the primary market propellers this quarter,” it added.
Sharing his thoughts on the report that undertakes the growth of real estate across eight major cities, Maneesh Upadhyaya, CFO, 99 acres.com said, “Affordable homes priced within 25 lakh garnered maximum buyer traction and reported a sale of nearly 30,000 units this quarter. New launches remained meek and resurgence is unlikely even in the upcoming festive months.”