COVID-19 vaccine, is it a booster shot for Hyderabad real estate sector?
Hyderabad’s real estate market, residential sector fared well during the pandemic, and this year 2021, started off being hopeful and optimistic for the industry with the announcement of the COVID-19 vaccine rollout.
Homebuyer’s purchase strategy has changed during the pandemic, and with the news of the vaccine, the experts are witnessing an evident spike in the registrations. All the mandates like social distancing, real-time home tours, and other factors that might have stagnated a few projects in the residential sector during the pandemic are now seeing a new wave, with buyers looking out to invest in homes.
According to a survey conducted by one of the property market researchers, the home buyers would slowly regain their lost glory, similar to the pre-pandemic time. They also mentioned a shift in the property buyers’ pattern in the last six months. The numbers show that only 35% of the buyers were interested in investing in a property a few months back, whereas now there is a spike of 45% in the buyers’ graph. In extension to the analysis, the property guides also mentioned that the city saw a 47% dip in demand for homes. There was a sale of 30,682 numbers of residential sales whereas, last year only 16,400 sales happened. Areas that were high on demand are Kondapur, Miyapur, Bachupally, Kompally, and Kokapet, with a price range of Rs.4,400/- – Rs. 7,100/- per sq. ft.
49% of property sales happened for homes that were in the price range of Rs. 45 lakhs to Rs. 75 lakhs. With the onset of the work from home concept, many homebuyers looked for bigger home spaces. And as per the survey, 52% of individuals preferred 3bhk homes whereas, 32% looked for 2bhk.
As per the market survey conducted by the property guide:
- 78% of individuals are postponing their home purchase plans for next year
- 47% of them are searching for bigger home spaces due to the new work from home mode.
- 53% of individuals are making minute renovations to the existing property
- 67% are looking for ready-to-move homes
- Also, 27% of people are first looking for job security and then have the home buying plans stalled for a year or two.
Hyderabad’s real estate sector experienced ebbs and tides during the last year and is pinning its hopes for better numbers and a better graph this year with the commencement of the COVID-19 vaccine.