- Prices have shot up by 10% in last 12 months
- However, the prices up by only 6% in other cities
Real estate prices are going through the roof in Hyderabad, compared to prices of houses in other cities during the past 12 months. House prices have increased by 10 % in the Hyderabad real market, compared to 6% increase in other cities of the country. A look at the transactions of the last six months indicates that house prices have gone up by 9% % in Hyderabad. However, the increase was only 4 % in the rest of the cities, according to the latest report from the Knight Frank India,
According to the CREDAI report, the minimum price per square foot in Hyderabad is Rs.5,410 as against the minimum price of Rs 7,593 in Mumbai. House prices have increased in Mumbai by 6% in the last 12 months and only 3% in the last 6 months. After Mumbai, Bengaluru has the lowest price per square foot at Rs 5,643. Here, house prices have increased by 5 % in the last 12 months and 2 % in the last six months. But in Hyderabad, house prices are skyrocketing.
Once upon a time, house prices in Hyderabad were lower than other cities in the country. But recent circumstances have changed. Presently premium projects are coming up in the city. Due to the demand from the people, builders prefer to build premium and ultra-premium projects. The response from the respective communities is also encouraging. However, at the same time, the availability of affordable housing has become scarcer. As a result, even in the outskirts of the city, one should spend at least Rs.60 lakh to buy a flat.
The share of houses priced below Rs.50 lakh is only 13 % in Hyderabad and also in Delhi. The share of Mumbai, where the land prices are the highest, in this sector is 46%, followed by Pune, 42%, Chennai, 39%, and Bangalore, 20%.
