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- Demand for triple bedroom houses in gated communities
- Changing mindset of home buyers due to work-from-home and online classes
RegNews Hyderabad: There is a new trend in Hyderabad’s real estate market. With increasing prices of lands, the demand for apartments is steadily rising. Interestingly, there is a growing demand for triple bedroom flats over the last one year, as per a recent study by Anarock Consultants. This is being attributed to the new culture of work-from-home and online classes. As majority of people working in IT, BPO and KPO sectors are being allowed to work-from-home and have children attending online classes; people were opting for triple bedroom flats keeping in view of future needs.
Increased demand for triple
The study also found a significant increase in the percentage of people booking triple bedroom flats in apartments under construction in Gachibowli, Financial District, Hitech City, Madhapur, Kismatpur, Shamshabad, Nizampet, Miyapur, Bachupally, Kompally, Raidurg, Kondapur and other major locations in Hyderabad and its peripheral areas. Compared to the previous year (2020), the percentage of those who booked 3 BHK flats by August 2021 has increased from 44 to 56 per cent. As a result, the percentage of double bedroom flat buyers dropped from 47 to 31 percent. The study found that the percentage of those buying single bedroom flats fell from 15 to 11 percent.
Despite the ups and downs, progress is made
The Covid pandemic, followed lockdown and subsequent economic slowdown, have led to stagnation in growth of many sectors which in turn had an impact on the construction sector as well. The construction cost of the apartments which was Rs 1,400 to Rs 1,600 per sq.ft before Covid, has gone up from Rs 1,800 to Rs 2,000 per sq.ft as the daily wages of masons and construction workers have skyrocketed as well as the prices of electrical, cement, steel, sand, bricks and sanitary supplies have grown significantly. However, the study found that apartment construction in the suburbs was not affected and instead, new projects were launched.
Some leading construction companies and builders are announcing huge discounts on prices of flats in the name of pre-launch offers even before taking up construction of their projects. They are offering flats at prices in the range from Rs 3,000 to Rs 3,500 per sq.ft even before construction begins, on payment of entire amount of Rs 30 to Rs 35 lakh for the 1,000 sq.ft-flats in advance. As it would take two-three years for completion of these projects, they are entering into agreements with consumers in this regard. Builders are predicting that these prices will double once construction is completed. But one has to wait and watch on how many of these projects will be taken up, constructed and handed over to the home owners.
