With most of the IT/ITeS professionals still in their hometowns, new housing demand – both in buy and rent categories - reeled under pressure in Oct-Dec 2020. The restricted supply of ready homes also remained a significant deterrent as cautious end-users explored multiple options before taking the plunge. This increased the buying cycle by 40-60 days and thereby impacted conversions.
Western and northern pockets of Nanakramguda, Narsingi, Kondapur, Chandanagar, Hafeezpet, Financial District, HITEC City, Kokapet and Patancheru continued to be the most favoured among the builder-buyer community. Mid-sized 2 BHK and 3 BHK units in the Rs 50 lakh to Rs 1.2 crore price range grabbed the maximum popularity share.
Land transactions in the quarter grew by around 20-25 percent. Residential plots measuring 150-200 sq yard in Rs 20-40 lakh budget remained the most favoured in Pharma City, Mokila, Shankarpally, Amangal, Kadthal and Kandukur.
Budding locales of Pragati Nagar, Nizampet and Beeramguda benefitted owing to their proximity to the commercial hubs of Kukatpally, HITEC City and Gachibowli and the National Highway 9. The average ‘asks’ in these areas were around Rs 3,000-4,200 per sq ft.
Annual rental enquiries in Hyderabad plunged by 40 percent, YoY, in Oct-Dec 2020. Despite landlords being flexible with security deposits and offering shorter lease terms, home renting trend across the city declined, except in a few established pockets of HITEC City, Jubilee Hills, Kondapur and Madhapur. The average rentals in the areas stood at around Rs 17-23 per sq ft per month.