Purchasing a property in the central areas of Hyderabad is increasingly becoming a distant dream for salaried people. A flat in the eastern or southern side of the city will cost half and an apartment in the northern parts will cost a third of what it costs in the central areas, experts said.
With the price of a flat reaching around Rs 13,000 per sq. ft, the average cost of a 2BHK, which is about 1,000 sq.ft in size, is around Rs 1.2 crore in Jubilee Hills, Banjara Hills, Begumpet, Punjagutta, Somajiguda and Prakash Nagar. Even in areas such as Irrammanzil, new flats cost a minimum of Rs 1 crore.
What recent trends say?
Recent trends indicate that demand for under-construction buildings by established developers is also increasing. Though the properties are limited in central Hyderabad, a majority of such flats are already occupied.
According to Knight Frank, a property and real estate agency, Hyderabad was the only market in the country showing price stability during the pandemic in 2020, demonstrating the underlying resilience of its home market.
While Hyderabad is no longer one of the cheapest marketplaces in the country, it remains a desirable destination for consumers and more recently, investors.
Rising rents
While buying a flat in central Hyderabad is unaffordable for many, renting a flat is also becoming a difficult task. Rents for flats in Begumpet, Punjagutta and Prakash Nagar used to be around Rs 15,000 to Rs 20,000 before the pandemic, but the rentals have increased regularly in the past six months, making the new rent 30 to 50 per cent higher than the earlier prices.
A salaried working professional can get decent accommodation at affordable rates only in the northern and southern parts of the city, experts said.