Prefer surrounding areas where they can buy bigger homes and better amenities for less: research.
Posted on – 11:57 PM, Fri – 12 December 22
![Hyderabad suburbs sought after by homebuyers](https://cdn.telanganatoday.com/wp-content/uploads/2022/12/Hyderabad-3.jpg)
Puppalaguda, Tellapur and Ameenpur are the top three micro markets in Hyderabad with the highest supply.
Hyderabad: Tentacles of real estate development began to spread to areas outside the suburbs.
With the urban core long since depleted, Hyderabad has seen then-suburbs such as Gachibowli, Kondapur, Nizampet, Suchitra Junction, etc., taken over by the real estate boom over the past fifteen years.
With the then suburbs also joining the main part of the city, residential, commercial and office activity flourished, where building stock was selling like hotcakes, while available stock and stock under development was expensive. This has prompted property interests to move further forward and look beyond surrounding areas in search of new development prospects.
It was the western parts of the city that heralded the real estate boom and fostered it, and demand has understandably emerged outside of these parts of the city. In fact, Hyderabad has great potential for extensive radial growth and expansion, helping developers and builders explore new districts and surrounding areas that have started to shine on the urban real estate radar over the past few years.
Anuj Puri, Chairman, Anarock Group, in his “Key Trends Shaping the Indian Real Estate Market to 2022” has named Puppalaguda, Tellapur and Ameenpur as the top three micro markets in Hyderabad with the highest supply. During the year, new supply in these areas was approximately 13,690 units.
Highlighting “The Rise of the Suburbs”, Anuj Puri said, “Despite a near-normal post-Covid-19 situation, peripheral areas lead homebuyer demand in 2022. The concept of walking to work, including in the heart of expensive inner-city workplaces Surrounded by compact homes, it loses even more of its appeal. While office work and gym classes have resumed, the suburbs still shine.”
Anarock’s latest consumer sentiment survey also highlights this trend. “In the latest Anarock Consumer Sentiment Survey, 42% of respondents continued to favor the outer/suburbs, where they could buy a larger home and better amenities for less money,” he said. Only 10 percent of respondents chose a downtown location for walking to work, and only 23 percent were within city limits.
Meanwhile, Anarock’s compilation of key trends in the Indian real estate market to 2022 observes, “2022 will be a remarkable year for the real estate sector, especially in the residential sector. Housing demand is strong in major cities and tier-2 and tier-3 cities, mainly from end users.”
These trends include lower demand for affordable housing, while mid-range and premium housing dominated the release. Mid-range (Rs 40 lakh to Rs 80 lakh), premium (Rs 80 lakh to Rs 1.5 lakh) and luxury segments (>Rs 1.5 lakh) are the bright spots for 2022, according to the Anarock report. Affordable housing, by contrast, had a sluggish time, with more buyers in the segment entering wait-and-see mode; unsurprisingly, there was a notable reduction in new supply in this category.
Price increased
House prices will rise by an average of 5% to 7% in 2022, but this, along with higher home loan interest rates, has not affected residential sales in 2022. These price increases are inevitable after two to three years of relative stagnation, Anuj Puri noted.