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Hyderabad skirts realty recession, set for big bang, says survey
The Times of India  |  April 21, 2017

Sudipta Sengupta | Hyderabad

At a time when the residential property market across major cities in India are either sluggish or completely stagnant, Hyderabad's homes are witnessing high demand among buyers. This northward trend, mapped through multiple studies conducted over the last few months, is once again reiterated in an exhaustive seven-city report, recently compiled by QuikrHomes.

 

The realty portal's survey paints a `healthy' picture of Hyderabad that witnessed large-scale launches (of new projects) in the last three months of 2016. In fact, the findings suggest that the joint capital beat all other metro cities to the game, where the fresh launches were down by anywhere between 40 and 60 per cent in 2016. "Though the growth, in the first quarter of 2017, has been flat that's hardly an indication of a dip in sentiment," said Manish Sinha, executive vice-president of QuikrHomes, pulling up some startling statistics. He pointed out, while Hyderabad saw just about 600 launches in 2015 as against Chennai's 1,600, the figures stood at 1,200 and 1,000 respectively in 2016.

 

If that's not good enough, even the prices in the city that suffered a prolonged beating - first due to recession and then owing to the separate statehood movement - too have recovered substantially, the report highlighted. During 2016, the upward revision was a clear 8 per cent.

 

"And this is only further likely to improve over the next few months as more and more homes near completion. That's because ready-to-occupy properties always fetch better rates," said an industry analyst, vetting the latest survey.

 

But even as the growth continues uninterrupted, the QuikrHomes' findings - like most other surveys - indicate that this development will be largely restricted to the city's western corridor. Here's what the report deduced: "Out of the 14,248 new dwelling units launched in Hyderabad in 2016, about 83 per cent of them have been launched in western part of Hyderabad alone". The hotspots: Gachibowli, Hi-Tec City, Manikonda, Kondapur and Miyapur. These areas gain prominence "due to the proximity to Outer Ring Road, presence of IT SEZ's and proposed Information Technology Investment Region and Hyderabad-Nagpur Industrial Corridor", the report added.

 

"The city is past all its uncertainties and looking extremely positive. Even the premium segment here is moving fast," he added.

 

While the prices of luxury homes in Hyderabad - when compared to Mumbai - are strikingly more modest, the amenities on offer are largely on par, the searchers said instilling faith in home-buyers to ahead with their plans of parking their money in the Nizam's land.