The city of Hyderabad has been witnessing tremendous growth in the past five years. Several leading multinational companies in the life sciences, IT, and financial sectors have opened their offices/facilities in Hyderabad. This has greatly boosted the employment opportunities in the zone.
All that has led to a drastic surge in the demand for residential and commercial spaces. Consequently, the city’s real estate sector has also been displaying rapid growth. This particular article is going to briefly enumerate a few important points of the development in the Hyderabad real estate segment.
- The real estate sector of Hyderabad came to a standstill during the Covid lockdown, as has been the case with all its counterparts in the country. Yet, the city’s real estate recovered fast and by June 2020, well over 25% of the office spaces in the country were in Hyderabad.
- The new office space that was added to the city’s real estate in the first half of 2023 was roughly 8 million square feet.
- In spite of many apprehensions, the residential real estate market of the city grew at a phenomenal rate in the initial quarter of 2023. The same is evidenced by the fact that sales of almost 8000 units were executed in that period.
- In the year 2023, there has been an increase of approximately 2% in the total properties that went for registration. That’s in comparison with the corresponding scenario for 2022.
- A major chunk of real estate development is seen in areas such as Kondapur, Gachibowli, Kokapet, Manikonda, and Madhapur. This is unsurprising because these are the zones where the Hyderabad offices of many MNCs are located. Most of the people working in these companies prefer to reside in zones that are not that distant from their workplaces.
- The year 2023 has seen a noteworthy rise in real estate property prices. That highlights how lucrative investors are finding the Hyderabad real estate sector. Many big entities are inclined to invest heavily in these properties.
- In 2023, dwelling units pertaining to the 3 BHK category are the most preferred ones for individuals purchasing homes.
- Hyderabad has excellent infrastructure as well as wonderful connectivity to numerous regions of the country. That has turned out to be a major reason for the growth of the city’s real estate segment.
- Various initiatives by the Government of Telangana have also markedly simplified real estate transactions. This immensely benefits both people intending to buy properties and those seeking to sell their real estate assets.
- Several new infrastructure ventures are going to be completed in the near future. Projects like the expressway on the River Musi and the expansion of the metro rail will make the real estate sector of the city register further growth.
- It’s estimated that housing units offered at reasonable prices will continue to have high demand in the foreseeable future, in Hyderabad. This is primarily attributable to the rapidly growing middle class in the city.
- Likewise, people and organizations are likely to give more preference only to those real estate properties that are environmentally friendly. Here, savings in energy expenses are also an aspect that buyers will consider before finalizing the transactions.
- It is pleasant to note that, predominantly, real estate developers having a good reputation in the market are associated with numerous prestigious projects.
About Hyderabad (HIOC) is a website about Hyderabad city in India that publishes information, updates, tips, and practical insights on Hyderabad markets, real estate, maps etc. The Hyderabad information from HIOC section and business limelight series of HIOC are popular. Some content published in this website is in collaboration with Marvist Digital Marketing.
