Increase in the number of affordable projects affirms that Hyderabad is the most affordable realty market among all the metros of India. Due to this affordability the city has become one of the most sought after residential markets too.
The number of housing launches increased in Hyderabad. The builders saw the increased demand for housing units. Yes, Hyderabad has become capable of providing better job opportunities to the people of all professions, and so the demand has been growing. To meet the increased demand from the people, developers have come up with large number of projects.
Comparatively, large number of residential projects was launched in the affordable housing segment. This is against the normal tendency of developing top-end luxury projects. In most of the metros, majority of the launches takes place in the top-end luxury segment. However this is not the same with residential market of Hyderabad.
The growth of the city starts with the IT and ITeS boom. With the boom more people were attracted to the city and since then there has been a steady increase in the demand for housing units. Global real estate consultancy firm Knight Frank reported that the city is the most affordable residential market among all the metros of India.
The affordability got better with builders remain competent to each other in developing affordable housing units. Government also paved way for more affordability in the city. GO 245, a government order that liberates the developers from EWS/LIG housing norms, remains as an example for this. The proposed metro rail plan also boosted the demand for housing units in the city.
Since 2008, the sales of affordable housing-units witnessed an upward growth. It was after the Telangana issue and the turmoil that followed after. According to the global property consultants Hyderabad has become a perfect and more suitable destination for both end-users as well as the property investors.
Many projects were launched in areas like Gachibowli, Kondapur, Kukatpally, Madhapur and Raidurgam. However the report showed that nearly 88% of the total housing units were launched in the affordable housing segment. This alone proves that the city has become a favorite destination. There is no doubt Hyderabad has become one of the most affordable residential market among the metros of India.
