The demand for larger homes, particularly 3BHK units, has surged in Hyderabad as evolving lifestyles, financial considerations, and strategic investments come into play. Aligning with this trend, IRA Realty is offering 3BHK units at a starting price of Rs 99.28 lakh at their project, IRA Miracle, situated in the Kollur area. Propertywala highlights how IRA Realty is effectively addressing the changing demands of homebuyers in Hyderabad.
Hyderabad’s thriving biopharmaceutical, IT, and Special Economic Zones (SEZ) are well-known, and the city's pearl trading and processing sector is on the rise. The real estate market in Hyderabad is flourishing as well, making the city a prime location for real estate investments and attracting interest from both domestic and international investors. Post-COVID, buyer preferences have shifted, with clients looking to upgrade from previous 2BHK configurations. They now seek larger living spaces that cater to hybrid work environments.
Lower interest rates on home loans have further bolstered this trend. Consequently, IRA Realty is developing IRA Miracle, a 3BHK residential community in Kollur, to meet the modern expectations of homebuyers. Let’s delve into the factors contributing to the ever-growing demand for larger spaces in Hyderabad and examine the available options for prospective homeowners.
Why Are Hyderabadi Buyers Opting for 3 BHKs?
Increased Living Space Requirement
In the aftermath of the pandemic, the desire for additional living space has become pronounced. The rise of hybrid working arrangements has led many to seek apartments that provide not only cozy living areas but also adaptable workspaces and dedicated home offices, making 3-BHK configurations optimal. Additionally, both parents and children find value in privacy, thereby driving the necessity for extra rooms. This positions IRA Miracle, developed by IRA Realty, apart from other offerings in the market.
Nestled in the rapidly developing Kollur area near the Outer Ring Road, IRA Miracle features luxurious 3-BHK apartments loaded with modern amenities suitable for contemporary lifestyles. These Vastu-compliant apartments range in price from Rs 99.28 lakh to Rs 1.35 crore and vary in size from 1,655 sq ft to 2,455 sq ft. Each housing unit in IRA Miracle includes an independent wall, providing families with a tranquil and private setting—an exceptional highlight of this community.
Enhanced Accessibility
Urban residents have shifted their purchasing habits significantly, as disposable incomes rise steadily, allowing more buyers to afford 3-BHK apartments. The trend is primarily fueled by lower home loan rates and larger developments in suburban areas that offer more open spaces and enriched lifestyle amenities. Buyers are increasingly willing to invest in such projects to work from home while enjoying modern conveniences and greener environments.
IRA Miracle aims to fulfill the needs of today’s homebuyers, featuring fully developed landscaped gardens and contemporary amenities, including a library, spa, and pool table, providing an avenue for relaxation after a demanding workday.
Concerning amenities, IRA Miracle boasts a lavish multilevel clubhouse covering 20,500 square feet, packed with premium features, to elevate the living experience. This project is under construction with an expected completion date in December 2024, and it holds a RERA number of P01100002811.
Higher Return Prospects
Choosing the right property type is crucial for maximizing long-term real estate investment returns. In the current real estate market, larger units, such as 3BHK homes, typically have a higher resale value. The versatility of such properties appeals to a broader spectrum of potential buyers. 3-BHK units maintain high resale values, reflecting their lasting attraction and financial advantages. As family sizes grow and lifestyles evolve, these apartments remain relevant, ensuring consistent demand in the real estate sector.
Rental Opportunities
Growing industries in Hyderabad, especially in the IT and ITeS segments, are creating a spike in rental housing demand. Many professionals and students prefer 3-BHK apartments for their ability to accommodate multiple occupants, which effectively reduces monthly costs per resident. Consequently, current homeowners may explore options to rent out all or part of their 3-BHK units to generate supplementary rental income.
Newer developments like IRA Miracle, set for completion soon, are easier to rent out than older properties, as tenants show a preference for buildings equipped with modern amenities and requiring less maintenance.
Long-term Financial Commitment
These larger apartments provide necessary flexibility to meet homeowners’ evolving requirements, whether in pursuit of a more luxurious lifestyle or preparing for family growth. Larger units also enhance one’s status and are perceived as valuable investments.
In summary, the changing preferences of modern homebuyers have led to an increased demand for 3-BHK homes in Hyderabad. These spacious apartments offer a comprehensive solution, catering to the needs for roomy living areas while providing prospects for greater returns and rental income.