The city’s realty sector has seen an upward swing. And that’s a given. But one area where all action is happening is in the western corridor of the city. Right from Kukatpally, Kondapur to Manikonda to Gachibowli, there has been a great push in the region as far as real estate is concerned. Though many IT offices haven’t recalled their employees, the demand for realty in the region is pretty high. Western suburbs such as Hitec City, Financial District, and surrounding areas continue to see an increase in new launches.
According to 99acres.com, the first half of 2021 saw a jump of 250 percent in new launches in the western corridor of the city, though the launches remained muted in the July-September quarter of 2021. Apartments measuring 1100 to 1300 sq ft and 1500 to 2500 sq ft had the highest market share. Areas such as Kondapur, Gachibowli, Manikonda, Kukatpally, and Madhapur saw 35-50 percent market share for 2BHK and 3BK apartments.
Meanwhile, mid to high-income segments also witnessed an increase in the number of projects between July-September 2021. Being a financial and commercial hub, the western corridor also pushed the residential market.
On the other hand, the demand for budget homes has increased on the fringes of the city, costing between Rs 60 to Rs 80 lakh. Ironically, the rental market hasn’t recovered quite yet as most companies have deferred their re-opening of offices and plan to increase their work from home percentages to 70 percent by December 2021.
Another trend, seen during the past one and half years, is that people have been investing in luxury homes and villas. Areas such as Nanakramguda, Kokapet, Narsingi, and Kondapur in the western quadrant ruled the roost in terms of buyer inquiries, new launches, and residential sales.
Due to work-from-home and online schooling options, there has been a demand for more space, and hence the demand for larger homes has increased in Hyderabad.