Hyderabad 2nd in Most Expensive Houses

 - Sakshi Post

Housing prices in Hyderabad increased by 7% in the fourth quarter of 2021. According to PropTiger, an independent real estate expert, Hyderabad has become the second-most expensive housing market after Mumbai Metropolitan Region. This increase in yearly pricing for new flats might be attributed mostly to rise in the building material prices following the Covid-19 outbreak in early 2020 due to supply-side limitations.

According to PropTiger, the average per square foot prices of an apartment and other housing projects is between Rs 5,900 and Rs 6,100. Along with Ahmedabad, Hyderabad had the greatest price increase during the fourth quarter of 2021, which coincided with India's festival season. The demand for homes in Telangana's capital city remains strong, with home sales for 2021 recorded a 36% increase over the same period in 2020. In 2021, 22,239 homes were sold, compared to 16,400 in 2020.

While Bachupally, Tellapur, and Miyapur were the most popular localties among Hyderabad homebuyers in 2021, 3BHK houses remained the most preferred ones accounting for 48% of purchases. As a result of improved consumer sentiment, new supply in Hyderabad doubled over the previous year, increasing from 22,940 units in 2020 to 48,566 in 2021.

According to the research, the majority of new supply during the year was focused in the micro-markets of Puppalaguda, Miyapur, and Bachupally, with 36% of units launched were more than Rs 1 crore.

"The recent Christmas season in 2021 had a noticeable influence on both demand and supply, resulting in positive adjustments for the Hyderabad housing market." "As the economy settles in, offering buyers with more job stability, the real estate recovery process may pick up momentum in 2022," said Rajan Sood, Business Head, PropTiger.

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