HYDERABAD: The tag of being ‘the most affordable city’ among all the metros in India, is helping the Hyderabad real estate sector to draw buyers and investors from all parts of India to the city.
‘Being affordable’ is the only one feature which is helping it survive in spite of a prolonged slump in sales and stagnant growth. The prices have been so affordable in Hyderabad that there has been no increase in the prices of homes in the past three or four years so.
“Hyderabad is the most affordable metro city. Barring in a few areas in West Hyderabad like Hitec City, Gachibowli and Nanakramguda, prices have remained more or less the same. As a result, not just local people but also people from other cities find it easy to buy a home here,” said Veer Sanjeev of a property portal, 99acres.com.
In a recently-released report on ‘affordability’ by financial advisers ArthaYantra, Hyderabad has emerged as the most affordable city. While the survey was done on the eight top cities in India, leave about top destinations like Mumbai and Bangalore, Hyderabad has been found to be more affordable than Pune and Ahmedabad.
“While cities like Delhi and Mumbai are out of reach for the middle-class Indians, even in cities like Chennai and Bangalore one’s annual income has to be at least Rs 15 lakh to be able to buy a home. But situation in Hyderabad is quite different with property prices staying stagnant for past three to four years. It is not only affordable to buy home here but also rentals are lower,” said Nitin B Vyakaranam, CEO of ArthaYantra.
While a good home in Hyderabad costs between Rs 3,000 and 5,000 per square foot (sft), in cities like Bangalore the starting price itself hovers around Rs 5,000 per sq ft for a middle-class buyer. Property prices are lower in Hyderabad than those in Kolkata and Pune, according to the observation of pan-Indian realtors.