HYDERABAD: Despite builders and realtors coming up with large dwellings like 4BHKs, villas and independent houses since Covid-19, 2BHKs remain as popular across Hyderabad with half of the buyers preferring this residential segment given the affordability.
According to ‘No Broker’, a real estate and rental property platform, as many as 48 per cent of buyers in Hyderabad are preferring to purchase 2BHK properties due to their affordability. Also, a majority (61 per cent) of the buyers want to purchase a property that costs below Rs 60 lakh.
As per the survey, the average price of a 2BHK is Rs 57.86 lakh per unit in 2021. This used to be Rs 55.15 lakh in 2020 and increased by Rs 2.7 lakh in a year. The average price per square feet in the city is Rs 5,289 and this is the lowest compared to cities like Bengaluru, Chennai, Mumbai and Delhi.
Also, there is a further uptick in people looking for 3BHKs compared to last year. If work-from-home becomes the norm, demand for 3BHKs is slated to increase as the preference has gone up to 36 per cent. Interestingly, 10 per cent of the buyers are looking at a property which is over Rs 10 crore.
Miyapur, Kukatpally, Uppal, Gachibowli and Manikonda are key markets for residential properties and have the most number of takers for independent floors and independent houses. Areas like Upparapally, Kothapet, Serilingampally and Meerpet were the worst performing micro-markets, pointed out ‘No Broker’.
The report also said that 69 per cent of buyers preferred ready-to-move-in properties and 31 per cent chose to go for projects which are under construction. About 88 per cent are looking for a property in the city region and 12 per cent in the suburbs.
Due to work-from-home and hybrid work culture, properties in suburbs have gained popularity. “Real estate is currently a buyer’s market. Interest rates are at a historic low and builders discounts have made the deals sweeter,” said Saurabh Garg, co-founder, ‘No Broker’.