A home of one’s own is everyone’s dream, but fulfilling that dream is not so easy. The cost of housing in metro cities across the country, including Hyderabad, is steadily increasing. Once upon a time, homes could be found in the suburbs of Hyderabad for as low as Rs 30 lakh, but now, at least Rs 60 lakh is required. Realty experts predict that home prices in Hyderabad will continue to rise in the coming days, and advise making a decision to buy a home without delaying it.
The construction of homes in affordable price ranges is decreasing day by day in Hyderabad. Greater city builders are showing little interest in constructing affordable housing. The main reason for this change is the dramatic increase in land prices in the city. This, in turn, has led to higher home prices. Additionally, the increase in the costs of steel, cement, and other construction materials has raised construction expenses. Experts suggest that the decline in the margins of profit from affordable housing construction, lack of sufficient bank loans due to lower interest rates, and other factors are contributing to the decline in the supply of affordable homes.
From 2018 to 2023, in a span of five years, the construction of affordable homes in seven major cities across the country has fallen by 15%. In 2018, a total of 1,95,300 homes were initiated in the seven metro cities, of which 40% were in the affordable category. This percentage decreased to 30% in 2020, 26% in 2021, and 20% in 2022. Last year, in 2023, affordable housing construction had fallen to 15%, according to real estate experts. As a result, the decline in affordable housing construction has gradually led to an increase in home prices.
Even in the city’s suburban areas, it is becoming increasingly difficult to find affordable flats. In the prominent areas of Hyderabad, however, it is impossible to get an apartment for less than a crore.
Currently, the house cost range in Hyderabad is around Rs 60 lakh, but experts suggest that it may increase to a minimum price range of Rs 75 to Rs 90 lakh in the coming days. With home prices gradually increasing, experts advise buyers not to delay their decision once they have made up their minds. Currently, there is significant demand for homes in the price range of Rs 80 lakh to Rs 1.5 crore in Hyderabad. Accordingly, builders are undertaking residential projects. With the improvement in transportation facilities and infrastructure, there is also an increased interest in buying homes in the suburban areas of the city. Real estate experts believe that if the government cooperates in facilitating the construction of affordable homes, the number of homes in this category will increase.
Currently, apartments are available in the Rs 60 lakh range in the suburban areas of Hyderabad. In particular, homes are being constructed in the affordable range around the Outer Ring Road. In areas like Hayatnagar, Shamshabad, Ghatkesar, Medchal, Taramatipet, Gandimaisamma, and others, homes are available in the range of Rs 60 to 70 lakh. Experts estimate that home prices in these areas will rise in the near future. Therefore, real estate experts suggest that potential buyers should not delay in making decisions and should act quickly based on their budget.
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