With a 50% hike in the number of property seekers over the past 12 months, Hyderabad has emerged as one of the best real estate destinations in the last one year in India both for end-users and investors, said Mr. Sudhir Pai, CEO, Magicbricks during a roundtable discussion here on Saturday
Quoting the latest Consumer Search Trends Report of Magicbricks on Hyderabad Market, Mr. Pai said that the number of active property seekers in Hyderabad have gone up from 32,500 in July’16 to 48,700 in June’17. Interestingly, it turns out that the numbers of new property seekers entering the market have also swelled by 25% from 17,500 to 21,900 during this period.
“With the home buying process getting longer from 4.1 months to 7.4 months, the number of older property seekers has also grown significantly from 14,900 to 26,800 users during the same period. It is indeed a sign of green shoots emerging if the number of new property seekers entering the market is going up in a significant manner,” Mr. Pai said.
Mr. Pai also said that the maximum demand is still in the affordable housing segment (0-80lacs) which has increased from 29200 last July (2016) to 43700 seekers this June 2017. The 80lacs-1.5cr segment has also increased from 5700 in July 2016 to 7200 seekers this June. The premium segment (>1.5 cr) has marginally increased from 2800 to 3700 seekers.
There has been a significant hike in the rental segment, from 32500 seekers in July 2016 to 42600 in June 2017. Similarly in the commercial segment there is a movement from 3100 to 3900 per month. The NRI segment has also witnessed a positive gain from 1600 in 2016 to 2600.
Magicbricks data also revealed that Hyderabad realty market has been witnessing gradual price increment since early 2016 and this positive trend continues for the Apr-Jun 2017 quarter as well. Between quarter ending March 2016 and June 2017, the price level has increased by 10%, the highest price gain amongst 14 major cities for this period.
In April-June 2017 quarter, Hyderabad saw the highest price increase of 2% amongst top-14 cities. The price increment was witnessed across most localities spread across core, suburban and peripheral regions of the city. Premium localities in Rs 5,000-6,000 and Rs 6,000+ per sq.ft price range had the highest price gain. This includes localities like Banjara Hills, Jubilee Hills, Madhapur, Hi-Tech City and Kukatpally Housing Board.