Hyderabad's Affordable Housing Market Shows Promising Growth
Driven by increased demand for budget-friendly homes, Hyderabad is increasingly recognized as one of India's most accessible real estate markets. The city has witnessed a notable surge in the sales of affordable housing units, solidifying its position as a prime destination.
Hyderabad city offer homes of affordability
The introduction of numerous affordable housing projects has significantly contributed to Hyderabad's status. Bolstered by the burgeoning IT and ITeS sectors, the city has morphed into a sought-after residential hotspot.
According to global real estate consultancy Knight Frank, Hyderabad stands out as a highly affordable real estate market. This recognition stems from developers who are actively launching new, budget-conscious housing projects.
The demand for housing segments in the city is noticeably improving. Developments such as the proposed metro rail and the government's GO 245 have further stimulated market activity. The GO 245 eases requirements for builders concerning EWS/LIG housing norms.
Hyderabad city termed as the most affordable city
With demand on the rise, the real estate market is poised for continued buoyancy. The real estate consultancy report highlighted that the city is attracting both end-users and investors.
Knight Frank's analysis also indicated that the affordable residential sector is recovering from the downturn that followed the Telangana issue in 2008. The Telangana situation had previously dampened activity in the IT and ITeS sectors.
A substantial volume of residential projects launched in the later half of 2012, primarily in areas like Raidurgam, Madhapur, Kukatpally, Kondapur, and Gachibowli.
The middle-income housing segment accounted for approximately 88% of total property absorption, indicating a preference for smaller homes since the economic strains within the state.
Andhra Pradesh Real Estate Developers Association (APREDA) vice-president Mr. Chalapathi Rao noted a 15% increase in housing unit sales. "There has been an increase of around 15%,in the sales of housing units", Rao stated, projecting an additional 5 to 10% increase.