Posted: Release Date – 12:38 AM, Sat – Nov 12 22
Hyderabad: The trend of consumers upgrading homes and moving into larger settlements that began during the pandemic in Hyderabad continued in September this year, according to Knight Frank’s latest assessment of sales data.
An analysis of buyer behaviour clearly shows that most people in Hyderabad have shifted their focus from affordable housing to mid-range and high-end housing.
Residential units priced between Rs 25 lakh and Rs 5 lakh accounted for 55% of total sales in September this year, up from 39%, according to a report by independent property consultancy Knight Frank. A penny last September.
While sales registrations for properties with ticket sizes over Rs 5 million increased from 25 percent in September last year to 28 percent in September this year, the affordable housing segment accounted for only 16 percent of demand.
The category of unit sales over 1,000 sq. ft. generated the greatest demand, accounting for 81% of total demand. Homes between 1,000 and 2,000 square feet accounted for 71 percent of all sales during that period, the report said.
Meanwhile, Hyderabad is still affordable compared to other metros such as Mumbai and Bangalore, said Samson Arthur, Senior Head of Hyderabad, Knight Frank India, saying: “The price hike is definitely to be expected. This is definitely not seen as a negative trend. The average price in Hyderabad is around 6,000 sq ft, while in other cities it is much higher.”
He further added that the ensuing huge growth in cities, 2 BHK or even 1 BHK is a good sign as co-living is on the rise. 886325
“There are many people who prefer ready-made houses. Many people are willing to put their money into 1 BHK, especially in the Western Corridor. Although not for their personal use, they are definitely looking for investment purpose due to high ROI (return on investment) . Hyderabad is already moving in this direction,” he shared.
With buyers mostly working couples or young professionals, and while a final verdict on the future of the workplace is yet to come, changes to home design are on the horizon as hybrid work models continue to prevail.