Hyderabad could be hard hit by COVID like any other city in the country, but the city has seen a growth of 60% in the realty sector as compared to the same period last year. Market reports show that the number of new home deals was around 4000 when compared to 2680 during the same time last year.
Ironically, the launch of new housing projects also increased, and about 7000 installations could be seen, causing an upward revision of property prices in the city of pearls. Surprisingly, this is when the real estate prices of Chennai and Bengaluru remained unchanged.
Robust infrastructure and relative affordability of properties have led to this growth in the market. Also, the developers in the city share that there has been momentum in office leasing activity, which further helped the market.
According to the market analysts, the developers could experience 50% to 60% recovery. They also reveal that traffic enquiries both online and offline have increased and are, in fact, better than they were during the first quarter of 2020.
Many feel it is an ideal time to invest in property in Hyderabad due to all-time low-interest rates, developers giving loads of incentives to push the sale of properties. If one has financial stability, then this is the time, they reiterate.
Though the beginning of 2021 was dull, the developers are confident that the market will bounce back, and they predict that consumer demand will increase in the second half of 2021.