The city of Pearls is the second most expensive city in India in terms of the residential property market in India after Mumbai. The latest survey report from Prop Tiger.com (a Pune-based property portal) has stated that Hyderabad city in the third quarter this year, (i.e. July to September) reported a massive jump in residential property sales.
As Hyderabad is the second most popular IT hub after Bangalore so more and more people are buying homes in Hyderabad. The average residential property price in Hyderabad on September 30, was Rs 5,800 to Rs 6,000 per square feet range as compared to Mumbai Metropolitan Area wherein the prices were Rs 9,600 to Rs 9,800 per square feet range. The average prices per square foot in Hyderabad are higher when compared to other metro cities like Bangalore, Chennai, Pune, and the national capital Delhi.
Why Hyderabad is the second-highest and most expensive market in India?
According to the report, average residential property prices in Hyderabad on September 30, 2021, stood in the Rs 5,800-Rs 6,000 per sq ft range (Rs 5,751 per sq ft on average) as compared to Rs 9,600-Rs 9,800 per sq ft range (Rs 9,670 per sq ft) in MMR.
Average residential realty prices in Hyderabad have raced past other IT hubs like Bengaluru which had average prices in the Rs 5,400-Rs 5,600 per sq ft range, Chennai with Rs 5,300-5,500 per sq ft, and Pune with Rs 5,000-Rs 5,200 per sq ft. All these are weighted average prices as per new supply and inventory, said the report `Real Insight (Residential) July-September (Q3) 2021’.
As many as 7,812 units were sold in Hyderabad in the July-September 2021 quarter, a 222% jump quarter-on-quarter and 140% rise year-on-year. A chunk of the sales took place in localities like Bachupally, Tellapur, Gandipet, Dundigal, and Miyapur, among other places.