Second-hand flats no longer a cheaper option in Hyderabad

City-based realtors said the flats which were bought for Rs 10 lakh to Rs 15 lakh now cost around Rs 35 lakh. Since purchasing a new flat has become a costly affair in Hyderabad.
Image used for represaentational purposes. (File Photo)
Image used for represaentational purposes. (File Photo)

HYDERABAD: While purchasing a new house in Hyderabad is a dream that not many can afford, buying a second-hand flat in the city is also becoming unfeasible for those with budget constraints. A second-hand flat, which is more than 10 years old, cost over Rs 50 lakh in prime residential areas such as Kukatpally, Miyapur, Kondapur and Gachibowli. It’s to be noted that the cost of a double-bedroom house on the outskirts of the city — in areas like Boduppal, Peerzadiguda, Hayathnagar and Kompally — is close to Rs 40 lakh.

City-based realtors said the flats which were bought for Rs 10 lakh to Rs 15 lakh now cost around Rs 35 lakh. Since purchasing a new flat has become a costly affair in Hyderabad, there is rising demand for second-hand apartments, they said.

Speaking to Express, N Praveen Kumar, president of the Telangana State Realtors Association, mentioned that as land rates have shot up sharply in the last two years, owners of flats have also increased the prices of houses as they hold undivided shares in the apartment lands.“Second-hand flats are selling like hot cakes,” he commented.

“I have sold nearly 50 second-hand homes. About 10 years ago, I bought an independent home on a 133 sq.yds plot of land in Peerzadiguda for Rs 17 lakh and now the price for the same house has gone up to Rs 70 lakh. At that time, the construction cost was Rs 800 per sq.ft and now it has shot up to Rs 1,600 per sq.ft,” said Praveen.

A city-based realtor said that those who are unable to afford new homes are preferring second-hand flats. Buyers are warned against buying houses which are more than 20 years old, the realtor mentioned, adding that the optimum houses to buy are between five and 15-year-old.

Higher prices in west

The cost of second-hand flats is higher in the western part of the city. On online housing portals such as www.99acres.com and www.nobroker.com, owners are quoting between Rs 70 lakh to Rs 1.5 crore for 2BHKs and 3 BHKs in areas such as Madhapur, Gachibowli, Lingampally, Gopanpally and Nallagandla.

Rishikesh Reddy, a private firm employee in Gachibowli, said he thought a second-hand flat can be bought within a budget of Rs 30 lakh. “However, the prices that the owners are quoting for a second-hand flat are almost as same as the price for a new flat before the pandemic. Until my income levels rise, it is hard for me to buy even a second-hand flat in the city,” he said.

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