Buy Commercial and Residential Projects in Hyderabadby Nk Realtors We Deals in Real State
The growth of Hyderabad’s real estate market has been one of the key success stories for India’s real estate sector. Despite the economic slowdown and other challenges, Hyderabad’s real estate market has witnessed continuous growth due to a solid and strong foundation. While COVID-19 slowed down its momentum, the market is well on its path to recovery. The consistent performance of commercial and residential projects in Hyderabad has had a positive impact on its real estate.
For example, the onset of COVID-19 and nationwide lockdown resulted in a sharp decline in prices. However, over the next few months, the market started recovering. The recovery can be attributed to the strong foundation of Hyderabad’s real estate industry. The buying cycle in Hyderabad is now moving towards the pre-COVID level and it is encouraging to see the demand for flats for sale in Hyderabad.
Let’s go through some of the driving factor behind improving real estate market in Hyderabad.
Affordability is driving demand in Hyderabad. The majority of the searches for residential flats and apartments are happening in the affordable segment. The demand is mainly for 2BHK & 3BHK, which continue to attract most of the homebuyers.
Shift of Demand
There is an increase in demand for property for sale in Hyderabad in peripheral areas. This has been accentuated by the fact that the pandemic and resultant economic instability have prompted home buyers to cut their budget, but their preference for home remains same. Hence, home buyers are now moving to the peripherals of the city in search of houses at a lower cost. This demand is high in western and north-western peripherals mainly due to metro connectivity, employment opportunities and infrastructure development.
Preference For Under Construction Flats & Apartments
This is an important factor unlike other famous market in the country. Home buyers in Hyderabad continue to prefer to buy best apartments in Hyderabad and under construction properties rather than move-ins. This liking for under construction properties has been propelled by mainly two factors – low risk of project delay and high consumer trust.
Overall, the pandemic has brought many differences in consumer’s behavior but it has also reignited the desire to have one’s own house. While the real estate sector battles the financial burden, lower sales & workforce shortage, how it meets the demand of consumer preference will also determine the rate of the turnaround.
Created on Oct 24th 2020 04:26. Viewed 234 times.