Times are such that nothing goes without mentioning the COVID pandemic. While it did disrupt the lives and livelihoods of many, there has been an upside for some sectors like real estate. Though the realty sector took a beating during the pandemic, it has bounced back in Hyderabad, and the city is witnessing year-on-year growth in the residential market.
According to media reports, the Hyderabad residential market now has many new players in the segment. The western corridor is busy with activity with high-rise buildings, villas, 2BHK, and 3BHK apartment blocks mushrooming all over the place. Incidentally, many more such projects are in the pipeline.
There are a few reasons for the city to rank top. First and foremost is that Hyderabad has been featured as the ‘best cities to live in’ in the past few years. It has managed to garner high points when it comes to cleanliness and low pollution. Another huge reason is the increased connectivity within the city thanks to the linking of junctions of ORR. This has helped various residential areas to get connected. The third and most obvious reason is the presence of MNCs, which provide new job opportunities. Also, factors such as security in employment, growth in household incomes and savings, and home loan rates have led to tremendous demand.
The situation is such that Hyderabad has had the strongest price momentums in the past few years, which clearly shows the growth in demand. In fact, NRIs and retired people are investing heavily in the city, and hence the demand for large, luxury homes has increased.