A piquant situation has arisen in Hyderabad real estate market as such demand and supply of houses decreases, bur their prices increased. The demand for houses decreased by 6.9 percent in the third quarter compared to the second quarter of this year. At the same time supply also declined by 4.7 percent. However, the average property value increased by 2.7 percent. This is revealed by the latest report of Magic Bricks. The demand for houses is likely to pick up again in the next quarter.
In Hyderabad, the demand for residential houses is put at 44 percent in the mid-segment category – i.e between Rs.5,000 to Rs.7500 per sft. The 3 BHK houses command the highest demand of 45 percent, but the supply was limited to 43 percent only. While the demand for 2 BHK units is 41 percent, but the supply is 43 percent. The demand for units with area of 3 BHK or more is 11 percent, while the supply is 12 percent. When it comes to single bedroom units, the demand is 3 percent while the supply is 2 percent.
In terms of demand and supply, Gachibowli in Hyderabad has emerged as the top micro market. This is because the best connectivity, most important and major companies are located here. There is a good demand in terms of IT, commercial and residential in Kondapur and Miyapur. The report also reveals that buyers are also aware of the increased prices and therefore want to invest before the prices rise further.
As a result, it is predicted that the progress of the residential segment in the Hyderabad real market will continue. Demand for residential houses has decreased across the country. Rainy season is also a reason for this along with many factors. However, investments in real estate will increase as buyers consider festival period as auspicious. This will also increase the speed of demand and supply. Sudhir Pai, CEO of Magic Bricks said that there are more people who want to acquire properties with attractive offers and deals.
