With the increased production of affordable housing units, Hyderabad is termed as the most affordable residential market among all metro cities of India.
There has been a steady increase in the number of affordable housing units in Hyderabad. With increased demand and fresh launches of affordable housing units, Hyderabad has become the most affordable residential market among all metros of India.
With the IT and ITeS boom in the city, Hyderabad has become a popular and favorite home – destination. Global real estate consultancy firm Knight Frank’s report has ranked Hyderabad on the top. The builders, competing each other to develop affordable housing projects, made the city more affordable.
Some government orders also helped the city become more affordable. The Government Order 245, which frees the builders from EWS/LIG housing norms, is an example. The government also sanctioned the metro rail system as well.
Knight Frank reported that the city has become a perfect destination for both the investors as well as end–users. The global real estate consultant pointed that there has been a steady increase in the sales of affordable housing units since 2008, the year in which the Telangana- turmoil took place.
The Telangana- turmoil, distracting the investors and end-users for a while, had made the market really sluggish. IT and ITeS sectors also were affected by the sluggishness.
Many residential projects were, especially in the second half of 2012, launched in areas such as Gachibowli, Kondapur, Kukatpally, Madhapur and Raidurgam. Majority of the houses, nearly 88% of the total launches, were in the middle income segment.
This ‘Figure’ alone shows how the Hyderabad city has become a more affordable residential market. After the economic depression in the state, people of the city also prefer affordable housing units.
Mr. Chalapathi Rao, vice-president of Andhra Pradesh Real Estate Developers Association (APREDA) stated that there has been a 15% increase in the sales of housing units. He added that there will be a further increase, between 5 to 10%, in sales.