City of Pearls evolving into a costly city
Houses cost more in Hyderabad after Mumbai
The city of Hyderabad is gradually transforming from an affordable city to a costly one. Earlier, comparatively, the prices of housing units in Hyderabad, among metropolitan cities, were affordable. But the situation underwent a sea change. Hyderabad emerged as the second-costliest city after Mumbai with regard to housing property prices.
A recent study indicated that the value of properties increased by at least 6% on an annual basis in Hyderabad. The cost per square ft in Hyderabad was Rs 5800, but it increased to Rs 6000.
Among eight main cities across the nation, house sales registered record-level growth in Hyderabad. In the city, there is unprecedented demand to own properties in certain localities.
In this backdrop, the prices of houses are on the rise in these localities. There seems to be no letup in prices. Taking advantage of the trend, the developers are increasing property prices.
With low interest rates prevailing now compared to rates of interest in the past decade and some states extending concessions on stamp duty and offering other incentives to home buyers, the sale of affordable houses in Hyderabad registered the highest growth, according to the study.
