HYDERABAD: Housing prices witness a steep surge in Hyderabad, making it as one of the top five cities across the world to have witnessed sharp rise in value of residential properties/homes. As per the recently released quarter 3 report of Knight Frank Global Residential Cities Index-2018, prices of residential properties increased in Hyderabad by a massive 18.6 per cent in the last 12 months, since last year’s quarter 3 report was released. This makes Hyderabad stand fourth among top 150 cities in the world that have recorded rise in the prices of homes in a 12-month period, topped by Chinese city Xian, which recorded a 20 per cent hike in values of its residential properties.
There are six Indian cities in the list among the top 20, led by Ahmedabad in the second place with 19.6 per cent hike in home prices, followed by Hyderabad at fourth (18.6 per cent), Bengaluru at fifth (18.3 per cent), Surat at ninth (13.2 per cent), Pune at 12th (12.6 per cent) and Mumbai at 17th place(11.5 per cent).
Real estate developers point out that Hyderabad was facing a lull in housing sector for a while and it was only recently that prices of residential properties started to pick up, due to various State government policies and improvement of brand Hyderabad. However, in quarter 4 report of 2017 Hyderabad emerged at 25th place. It was among ‘top-10 risers’ in the report, recording 9.5 per cent increase in prices of residential properties over a 12-month period.
Credai Telangana president G Ram Reddy said, “The rise in value of residential properties in Hyderabad is driven by demand for housing in the State, due to the way the city is being developed and projected by a stable government. It is also due to policy changes resulting in improvement in ease of doing business, reduction of various tariffs like nala charges and high-rise building impact fees,’’ he said.