Buying a new house has indeed become quite pricey in Hyderabad. However, what’s interesting is that buying a second-hand home is also out of reach for most buyers due to budget constraints.
A second-hand flat which is more than ten years old costs around Rs 50 lakh in prime residential areas such as Kukatpally, Miyapur, Kondapur, and Gachibowli. Similarly, it has to be noted that the cost of a double bedroom flat on the outskirts of the city in areas like Boduppal, Peerzadiguda, Hayathnagar, and Kompally is close to Rs 40 lakh.
The realtors say that flats that once cost Rs 10 to Rs 15 lakh now cost around Rs 35 lakh. As purchasing a new flat has become a costly affair, there has been a consistent rise in demand for second-hand apartments.
N Praveen Kumar, president of Telangana State Realtors Association, mentioned that as land rates have shot up sharply in the last two years, owners of flats have also upped their prices as they hold undivided shares in apartment lands. One gentleman shared that he sold nearly 50 second-hand homes to date and added he bought an independent home on a 133 sq yd plot of land in Peerzadiguda for Rs 17 lakh. Today, the price of the same has gone up to Rs 70 lakh.
The demand has grown as many price-sensitive people prefer second-hand flats for residential purposes. Like new apartments, the demand for second-hand flats is higher in the western part of the city. The situation is such that the price of second hand flats is on par with the prices of new flats in the pre-pandemic era.