Despite the high number of under-construction projects and increase in property prices, experts believe that the realty sector in Hyderabad is set to witness a record number of sales and launches. With festivals signifying new beginnings and prosperity, a number of homebuyers believe that it’s an auspicious time to invest in assets, experts added.
To cash in on the sentiment, developers also proffering discounts and unique schemes to entice homebuyers in the run-up to the festive season. On the other hand, the rise in the cost of raw materials for construction, which led to the hike in property prices, could be seen as a drawback among homebuyers, experts warn.
Developers said the upcoming festive season will observe a plethora of launches. New properties across segments like mid-sized, premium and luxury segments will be rolled out this festive season, considering the rising sentiments of property buying of homebuyers during the season.
According to real estate developer Urbanrise-Alliance Group, the current real estate scenario in the city is witnessing an upsurge, especially with the return of working professionals as offices begin functioning. The pandemic has also motivated people to invest in homes so that they can ensure they are living in a safe environment, it said. Thus, the residential market in the city has seen exponential demand growth.
Rajendra Joshi, Director, Urbanrise-Alliance Group, said the largest demand from homebuyers is currently for 2 & 3BHKs that fall in the range of Rs 70 lakh and Rs 1 crore in the mid-sized segments since these homebuyers get premium amenities at affordable rates.
“In addition, homebuyers continue to opt for homes costing upto Rs 1.5 crore, especially in new locations that are expected to witness a boom in the future for enhanced social life and infrastructure. Meanwhile, high-end villas are also witnessing rising demands owing to changing home buying preferences to tailor-make homes and possess ample open spaces. All the three segments are anticipated to drive demand during the festive season as well,” he added.