Hyderabad, now known as the IT hub and pharma hub of the country, has also proven that it provides quality healthcare. This has been attracting people from various corners of the country, and naturally, this has increased the demand for semi-luxury and luxury apartments in the city. However, according to a survey by 99acres.com, there is a gap between demand and supply when it comes to the economy range. While many are looking for apartments below Rs 40 lakh, there is a dearth in supply as big and medium builders are in no mood to cater to that segment. As per the survey, the demand has been 39 percent in the economy range, while the supply is lower than 26 percent.
On the other hand, the supply is 42 percent and 32 percent for Rs 40 lakh to Rs 1 crore and Rs 1 crore and above properties. The report also shows that like Chennai and Bengaluru, Hyderabad sees a revival in demand for the housing sector too. However, the city has barely seen any new launches during the festival quarter.
The situation is not all rosy when it comes to commercial and office spaces. While the pandemic has calmed down, the market is flooded with large office and commercial spaces, all of which are not being grabbed up. This has resulted in dwindling rentals in cities such as Hyderabad, Chennai, and Bengaluru. The scenario is similar pan-India.
When it comes to rental spaces, Hyderabad saw a 5 percent fall on a quarter-on-quarter basis, which is due to excess availability of large spaces.