Western corridor of Hyderabad sees exponential rise in real estate sector

The mid and the high-income budget segments witnessed the launch of a number of projects in July-September 2021.

Hyderabad: The western parts ranging from Kukatpally to Kondapur and Manikonda to Gachibowli have gained exponential growth in Hyderabad real estate. The demand in that particular region of the city remains strong even after most of the IT offices are closed for employees. The western suburbs such as Hitec City, Financial District, and their surrounding areas are dominating new property launches.

The report published by 99acres.com shows a 250 per cent increase in new launches in the first half of 2021 in the western corridor while overall new launches were muted in the July-September quarter of 2021. The report mentions high demand market share for 2BHK and 3BHK units measuring 1,100-1,300 sqft and 1,500-2,500 sqft respectively. Areas such as Kondapur, Gachibowli, Manikonda, and Madhapur are recording 35-50 per cent market share for 2BHK and 3BHK apartment units.

“The mid and the high-income budget segments witnessed the launch of a number of projects in July-September 2021. Healthy demand from potential buyers helped lift sales that initially witnessed a dip amid resurgence of Covid-19 cases in April 2021,” the report mentioned. Being in the centre of IT hubs, the western corridor is continued to dominate the market in terms of residential housing.

The property prices in the city are increasing after a long halt as the confidence in the market and the expectation of recovery takes place. The demand for budget homes has increased in the city especially houses ranging from 60lakh to 80lakh as the increase in land prices takes place.

Rental Housing

Though the capital market seems to be in recovery, the rental housing marketing is still performing badly as more than 55 per cent of companies delays their office re-opening schedules and emphasis their plans on work-from-home for up to 70% by December 2021. Although the full-fledged recovery of rental housing will take some time, the IT belt in the western corridor has remained popular among tenants.

Luxury Property Market

Buying luxury property has now become a trend of the city as it sees an increase in demand for villas and other premium spaces. It has recorded a rise in per square feet rates of villas, particularly new properties.

Areas such as Nanakramguda, Kokapet, Narsingi, and Kondapur in the western quadrant ruled the roost in terms of buyer enquiries, new launches, and residential sales. Latent demand for real estate facilitated the consumption of existing inventory, which was recorded at around 12,000 units in the first half of 2021, the report informed. The extended work-from-home and online schooling trends created the need for more space, and therefore, the demand for larger homes has gained momentum in Hyderabad.

Published by– Telangana Today