Demand for residential properties rises in Hyderabad

The pandemic is slowly diminishing, and Hyderabad is gradually healing from all the losses suffered. The real estate business in the city is finally recovering from the toll as well. The supply of properties costing under Rs 40 lakh is comparatively low, yet it has discovered a higher demand in recent times. Hyderabad corroborates more premium and ultra-premium properties than the lower-priced properties. 

A report by one of the website suggested that the residential properties within the Rs 40 lakh range have a vast demand-supply gap. The demand for such properties is estimated at 39%, and the supply barely computes to 26%. The supply of properties ranging from Rs 40 lakh - Rs 1 crore and above is more significant when compared. The supply percentage of such properties is evaluated at 42% and 32%, respectively. 

The report illustrated that the City of Nawabs, along with Chennai and Bengaluru, experienced a revitalization in demand for residential properties. Hyderabad, along with Delhi - NCR, displayed tremendous performance under pressure by launching and augmenting real estate developments. These continuous efforts reaped good results, and the demand has been observed to rise ever since. 

Many new offices and educational establishment projects have been announced to commence, and recovery is being addressed across the pan-India rental markets. The Indian IT hubs like Hyderabad, Chennai, and Bengaluru have high vacancy levels, due to which they encountered regular rentals diminishing.  

The rentals rate fell by 5% on the quarter-on-quarter rationale in Telangana, as per the same report. The report also anticipated vacancies in vast office spaces for nearly 18 months because of the pandemic.