Gachibowli, Miyapur & Kondapur in western Hyderabad were the most-preferred localities
Residential demand in Hyderabad recorded a growth of 6.0% QoQ and supply dipped by 14.2%
Hyderabad, April 6, 2023: Demand supply mismatch increased property rates by 5.8% QoQ in Hyderabad, while residential demand grew by 6% QoQ and supply decreased by 14.2% QoQ, revealed Magicbricks PropIndex Report (January – March) 2023.
Gachibowli, Miyapur, and Kondapur localities in western Hyderabad witnessed the highest residential demand due to their proximity to the Nehru ORR and major employment hubs, stated the report.
The residential market also observed a shift from affordable housing towards mid-segment properties (INR 5000-7000 psf) which commanded approximately 50% of demand and supply in the city. With continued preference towards spacious homes, 2 and 3BHKs commanded 90% of the total demand in the city.
Elaborating on the trends, Sudhir Pai, CEO, Magicbricks commented, “Several multilateral agencies have projected that the Indian economy will grow by 6-7% in FY’ 23, despite the global slowdown. The recent Union Budget has also introduced several encouraging initiatives, including substantial allocations to PMAY and UIDF, which have set the wheels in motion for facilitating employment opportunities and infrastructure development. Given the under-served demand for home-ownership in the affordable and mid-range segment, we are optimistic about the growth trajectory for residential demand in the coming quarters as well. We anticipate that the market will stabilise, supplemented by new projects and expedited delivery of under-construction properties, which will open up new avenues for investment and innovation.”
The report concluded that Mehdipatnam (4.27%), Police Colony- Kondapur (3.96%) and Balanagar (3.75%) had the highest increase in prices QoQ while prices in Banjara Hills (-3.94%), Boduppal (-3.77%) and Nanakram Guda (03.39%) decreased QoQ.