According to a survey conducted by Knight Frank, the growth in tech space absorption by Hyderabad has been a phenomenal 82%. The rapidly growing tech space seems to be a boon for the fate of Hyderabad’s residential real estate market.
How it will benefit Hyderabad’s housing market
Due to surge in commercial space, more job opportunities have emerged in the city which in turn have boosted the residential sector. Owing to the growth in tech space absorption coupled with the superior quality of homes offered by top builders in Hyderabad, the housing sector has received gained traction in recent years. While the city’s residential realty sales have seen a continuous rise since the second half of 2019, its mid-market and affordable housing segment has witnessed a number of new launches as well. Among the frontrunners in Hyderabad’s real estate market include Aparna Builders and Modi Builders. In fact, the latter has been offering a wide range of housing projects including affordable 2bhk/3bhk luxury villas, open plots at Shamshabad to name a few. It is because of builders like these that the city’s realty market has greatly thrived over the years.
Government’s initiatives towards affordable housing
In addition to the boom in IT space, the recent proposals in the Union Budget 2020 have also come as a boon for the affordable housing market of Hyderabad. The government has proposed a further tax deduction of Rs 1.5 lakh for interest paid on housing loans sanctioned in the current fiscal year. This is applicable for homes priced below Rs 45 lakh in tier II, III and peripheral areas of metros. It is expected to provide a total benefit of Rs 7 lakh for loan tenures of up to 15 years.
In a bid to augment housing supply, the government has also proposed to develop public infrastructure and affordable housing on land owned by central ministries and central public sector enterprises through joint development and concession. “All these new initiatives from the government in addition to the growth in commercial space will undoubtedly boost Hyderabad and the country’s residential sector as well,” says an expert at Modi Builders.
However, while the heart of the city remains to be a little expensive, the migrants, especially people seeking new jobs, prefer living in the outskirts where properties are cheaper, the environment is more serene and job opportunities are ample. Residential projects in those areas such as Golden County, S&S Grace, and Paradise, offering comfortable abodes to house-seekers, have undoubtedly helped in boosting the housing sales of the city