Looking for a lower priced house in Hyderabad? Despite popularly known for spacious independent properties (comparatively of higher value) and high consumer preference for the same, Hyderabad also provides for people looking at affordable ones. And, a lot of options.
Abhi Shyamnar, a resident of Hyderabad says, “I want to buy a 1BHK apartment in Uppal but I don’t know the price range here. Your help is appreciated in it”. Shyamnar is one of the many who would like to invest in a smaller and lower priced house. The reason behind opting for lower priced houses can be varied.
Shonali Gupto working with a knowledge management company had shifted into the city about 4 years ago. Originally from Kolkata, she now finds the city her home. Gupto says, “I would like to invest in the real estate, but since I am not very sure whether I will stay there forever. As a result, I would like to put in money keeping this in mind. Instead of opting for biggish apartments, I am more interested in smaller compact properties.”
For interested buyers and investors like Shyamnar and Gupto, Hyderabad might be just the ideal realty market. As per PropIndex, the India Apartment Index by Magicbricks, “The lower budget segment of 2,000-4,000 per sq ft range cumulatively accounts for 64.5% share of supply in the secondary market. This segment also constitutes 83% of consumer preference.”
Areas offering lower priced properties
So where can one find these properties in the city? For your convenience, we have taken into consideration few localities buyer preference and most availability wise in the 2,000-4,000 per sq ft segment and presented their price change in the Oct-Dec 2015 quarter.
Consumers prefer localities such as Manikonda, Miyapur, Nizampet and Sainikpuri the most. While the first two fall in the 3,000-4,000 per sq ft segment, the latter two fall in the 2,000-3,000 per sq ft segment.
Budget-wise, the 2,000-3,000 per sq ft segment saw an overall decrease of 5.5 percent while the 3,000-4,000 per sq ft segment saw an average price movement of 4 percent. Localities in the former segment which witnessed a fall in property prices include Bowenpally, Kompally, Nizampet and Uppal. The latter segment includes Manikonda. Investment in the above mentioned four localities means that if you put in your money in the next coming weeks, these properties will be at reduced prices than their usual. Manikonda on the other hand will be more expensive.
Buying a 2BHK unit
To further assist you in your house purchase, we have brought you the size and budget range of 2BHK units in some localities.
Now that you are armed with the data, take a look at what is on offer in the market. While making a decision, do not forget to grasp on social, physical and connectivity related information as well. If ignored, you might pay a steep price for navigation around the city for everyday needs. The market seems right and with property options over pouring, it is definitely time to invest in a compact property.
Namrata Ekka, Times Property, The Times of India, Hyderabad