Cities like Mumbai, Delhi-NCR, Bengaluru are seeing saturation post-boom. But Hyderabad seems to be in the game and has been attracting big investments both in the residential and office spaces. According to one study by NoBroker, the city incidentally has the highest number of first-time buyers in the city at 69 percent.
Eighty-four percent of buyers in Hyderabad are buying for self-use, and about 61 percent of them are looking for properties below Rs 60 lakh. Despite the pandemic and the uncertainty of the financial market, the realty market in Hyderabad showed resilience, and it has projected an upward trajectory. Knight Frank India, in its latest report ‘India Real Estate: H2 2021’ has said that a total of 19,024 units were launched in H2 2021, which reflects 126% growth YoY. The interesting bit is that 64% of the total home units launched were in the western part of Hyderabad.
Areas such as Kokapet, Peerancheru, Gopanapalle, and Nalagandla saw the most development when it came to activity. Similarly, west Hyderabad too saw a 60% growth in realty with buyers wanting to be closer to office hubs in Hi-Tec city, Gachibowli, and Nanakramguda that form the commercial core of the city.
Residents opted for spacious accommodations resulting in developers launching 35,736 units during the year 2021, which translated to 179% growth YoY. New office completions were said to be 4.6 mn sq f during the same period. The manufacturing sector was the mainstay of the market during H2 2021, accounting for 35% of the space transacted during the period. Q4 2021 was the strongest performing quarter when it came to office market performance. Accounting for 52% of the overall transaction volume in H2 2021, HiTec city continues to be the nerve center of Hyderabad.