Young buyers now prefer to purchase property in Hyderabad

Hyderabad is becoming a major real estate destination for younger home buyers, particularly professionals working in the IT sector as per various studies and reports. Hyderabad is a more preferable destination for these buyers since it is relatively affordable in terms of residential property prices as compared to other major metro cities like Delhi-NCR, Bangalore and Mumbai. Comparatively reasonable property prices are the major reason behind growing demand for residential units in Hyderabad. People are preferring homes located in Hyderabad’s Southwestern and Western corridors which encompass areas like Gachibowli, Madhapur, Kothapet, Miyapur, Narsingi and Manikonda. Miyapur’s residential market, in particular, has witnessed rapid growth ever since Metro railway operations started on this route. Hyderabad and Bangalore are the top two IT hubs in India at present and more young professionals are choosing to settle in Hyderabad on account of its relatively traffic-free roads and cheaper property prices. Road infrastructure and overall connectivity have also improved by leaps and bounds in Hyderabad which is another major attraction. Residential investments in the city are still the cheapest amongst the metros and there is more value for money due to appreciation in prices. The metro railway corridor will also spark a major appreciation in property prices in the future due to growing demand as per experts. Young IT professionals are preferring areas like Begumpet, Manikonda, Gachibowli, Madhapur and Miyapur. Prices of residential property usually start upwards of Rs. 50 lakh in Hyderabad while this is well above Rs. 60 lakh in Bangalore. Hyderabad’s real estate market will also witness 30, 000+ residential units being finished over the next 4-5 years as per reports with a large chunk of these properties being situated in the city’s southwestern corridor. IT professionals prefer the areas mentioned above on account of their excellent connectivity, growing social infrastructure and proximity to major IT and business hubs.