In India, Hyderabad is undoubtedly one of the best cities for quality of life, job opportunities and affordability. According to recent research, many prospective homebuyers have relocated with their families because of the IT industry in Hyderabad. Hyderabad has been on the list of “the best city to live in” for several years. According to the most recent survey data, the average rate of property in Hyderabad has been on a surge irrespective of the fact that there has been a pandemic and everything was under lockdown. Surprisingly, the real estate prices have risen significantly in the last five years, including the COVID years, and the demand for property in Hyderabad has increased compared to the eight key Indian residential markets of Ahmedabad, Bengaluru, Chennai, MMR, and NCR, Kolkata, and Pune.
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A Significant Growth in the Real Estate Market of Hyderabad
IT industry in Hyderabad has been a major factor in an ever-growing real estate market since the electoral victory in 2014 over the state’s secession. Hyderabad has retained its top spot in Mercer’s Quality of Living Survey 2019 for the fifth year in a row and has improved in terms of cleanliness and low pollution levels.
With the construction of metro lines and additional projected lines, exit and entry connections off Outer Ring Road to link with numerous residential destinations expanding on Hyderabad’s Western edge, the city’s road connectivity and infrastructural development have also achieved a new level.
In addition, the city’s presence of blue-chip and multinational corporations is creating new career prospects, and more young couples are willing to move to Hyderabad. Despite the expanding pandemic across the country, Telangana is making steady progress in real estate purchases and sales. Housing and commercial complexes in all eight of the country’s largest cities, including Delhi, Bengaluru, and Mumbai, are said to have slowed to a halt; nonetheless, Hyderabad has made the most progress in the shortest time. In the housing sector, nationwide openings have decreased by 43%, and sales have decreased by 54% in the last six months, but 64 % of sales were registered in Hyderabad.
see also@ Hyderabad Real Estate Makes its Way to the Top in Q3, 2021
Development in Infrastructure
Over INR 8,000 crore has reportedly been spent in Hyderabad in the last six years on improving infrastructure and other development projects. According to studies, Hyderabad is the most dynamic city, and the administration is dedicated to improving the city’s infrastructure and providing better services for future generations. At numerous intersections throughout the city, arterial highways and connecting roads have been built to relieve traffic congestion on main thoroughfares. The construction of 44.7 km of connection roads is now underway, along with many other infrastructural developments. The Outer Ring Road has been beautified lately, with lighting and many exit access points added to residential locations like Kokapet, Narsingi, Rajendranagar, Puppalaguda, and Nanakramguda.
The Telangana government’s proposed metro rail project was approved by the Union Ministry of Urban Development. Following the completion of Phase I in 2019, the Telangana government stated that Phase II would see the formation of an SPV called “Hyderabad Airport Metro Limited (HAML),” which would be jointly developed by HMRL and HMDA. In this phase, the projected blue line will run from Raidurg to Rajiv Gandhi International Airport, making travel to the airport more convenient.
Recent Launches and Market Summary
When it comes to new construction, this city is the market leader mainly because of the IT growth in Hyderabad. According to a new survey, home sales in Hyderabad increased by 76 per cent in the third quarter of 2020 compared to the previous quarter as IT growth drives the property investment and buying of a humble abode for oneself. One of the reasons for the rise in residential property demand is renewed interest from non-resident Indians. Due to the increased sales in Hyderabad in Q3, the city saw a 40 per cent increase in new property launches, followed by a 20 per cent increase in Mumbai during the same period. West Hyderabad has proved to be the major contributor to new launches (residential), accounting for 60 per cent of the city’s projects. Second to the west comes the North Hyderabad, which contributed 30 per cent, followed by the south of Hyderabad with 5 per cent. Hyderabad has launched residences constructed to perfection for a lavish lifestyle, ranging from luxury gated community flats to premium lifestyle villas and apartments.
To conclude, Telangana’s robust IT ecosystem and the immense talent pool attract major businesses and MNCs, making it the country’s fastest-growing state in all aspects of quality life.
