Hyderabad is becoming a hotspot for real estate investors and homebuyers alike. The city is continuously growing, known for its exceptional quality of life and thriving economy. But this unprecedented growth is bringing about a new dilemma: Is it possible to find affordable housing in Hyderabad?
Your guide to finding affordable housing in Hyderabad
Multiple new developments are rising in Hyderabad. In terms of infrastructure, for example, the local government has made several investments to improve the city’s roads and public transportation. Meanwhile, many businesses have sprouted around Hyderabad, most notably global IT firms and real estate companies.
Despite these developments, the local real estate market has remained relatively stable. Compared to cities like Delhi and Mumbai, Hyderabad properties are much cheaper.
If you’re looking for an affordable home in the city, these are the most important factors to consider:
- Location
A home’s location can greatly affect its price. For example, if a property is in a prime location with good connectivity to schools, hospitals, and commercial districts, you can expect its price to be higher.
Fortunately, Hyderabad has several residential areas that are near, but not located within, major commercial hubs like Hitech City. These include Kukatpally, Miyapur, and Ghatkesar.
- Size
A property’s size can also dictate its price. Typically, single-family homes are the most expensive option. If you want a more affordable alternative, consider looking into apartments.
What’s great is that some apartment units are built to accommodate several family members, featuring up to three bedrooms with a separate kitchen. You can also opt to invest in residential plots, which typically have lower initial investment costs than fully built homes.
- Market segment
There are two markets you can explore if you’re looking for a home: primary and secondary. The primary market allows you to buy properties directly from a developer, while the secondary market is where you would find homes for resale.
Homes in the primary market are generally more expensive because they are sold new. However, if you look at the long-term expenses, properties for resale will cost you more money. This is because you must deal with broker fees, high down payment charges, and unpaid building dues. Additionally, older homes require more maintenance and renovation.
Overall, if you want affordable housing in Hyderabad, you should consider buying directly from experienced property developers. Leading construction companies are able to offer high-quality homes for reasonable prices by eliminating the middleman and investor profits.
About the Author:
Name: Harshit Suryawanshi
Harshit Suryawanshi is an architecture graduate from IIT Roorkee and a Marketing and Real Estate Construction professional. He has extensive experience of more than eight years in this field.
