Monthly Watch: Launches, Sales Up in Hyderabad
While the performance of most of its peer fumbled a little in the second month of 2017 ― data by PropTiger DataLabs show most major cities registered a healthy growth in January in terms of new project launches as well as home sales ― Hyderabad real estate is going strong. A monthly report by the PropTiger DataLabs shows new launches in the city increased 44 per cent while the sales volume doubled on a month-on-month basis. The southern city is also a market where property prices have been consistently rising, even if marginally. According to the report, on an annual basis, average property prices in Hyderabad increased four per cent in February.
Localities that contributed the highest to the monthly home sales include Miyapur, Manikonda, Kondapur, Nanakramguda and Kukatpally, in that order. These localities for residential options in middle and premium segments. For instance, average property rate at Miyapur, which contributed the highest to February home sales number, stands at Rs 3,500 per sqft. In comparison, other localities offer pricey options. For a square foot, you have to pay an average of Rs 5,500 at Manikonda, Rs 5,950-6,400 at Kondapur, Rs 8,800 at Nanakramguda and Rs 6,500 at Kukatpally. According to the report, over 90 per cent of new launches and sales were witnessed in the affordable projects located at Miyapur and Mankonda. However, that the demand for luxury housing has been consistently increasing in the City of Nizams is a conspicuous trend, too.
Developers who announced the launch of new projects in Hyderabad in February include Goldstone Infratech, Lahari, Nebula, PBEL and SVS. All these projects are meant for the mid segment and are priced between Rs 3,000 and Rs 3,500 per sqft. While Goldstone has launched its new project Rock Gardens at Manikonda and will offer 66 units for sale, Lahari has launched its new project Twins at Miyapur and will be offering 192 apartment units for purchase. SVA has launched its new project Avaasa with 165 units at Chandanagar while PBEL will be constructing 198 units at its new project Amethyst Towers at Appa Junction Peerancheru. Nebula has also announced the launch of its new project Aavaas at Miyapur where 2,700 apartment units will be up for sale.