- The prices of old houses go up.
Those who cannot afford to buy a brand-new house look for an old house because it would be lighter in their pocket.
However, buying even a second-hand house became a costly proposition in Hyderabad. The buyers are mulling over choosing between the new one and the second-hand house because there is no greater variation in prices. In the post-COVID-19 pandemic situation, even the prices of old houses have been rising.
Those who try to buy an old house in Gachibowli in West Hyderabad, Uppal in East Hyderabad, Kompally in north Hyderabad, or Bandlaguda in South Hyderabad for less than Rs 50 lakh are left with despair.
In the IT corridor, a 2 BHK sells for Rs 7,000, while a 3 BHK sells for Rs 9,000.
Compared to the prices of new flats, the prices of second-hand ones cost almost 75–80 percent of those of new houses. Therefore, many intending buyers are left in a dilemma about whether to go for brand-new houses or used ones. They are also contemplating moving to the outskirts to buy a new house within the scope of their budget. Employees are working from offices in a post-COVID situation and have returned to Hyderabad from their native places. Given the problems faced during the COVID-19 situation, they prefer to own a house, pushing up the demand and prices of second-hand houses.
