The absolutely unexpected arrival of the COVID-19 pandemic took the world by surprise. It started off with the hype of its virulence (half of which now seems irrelevant) and then came down to it becoming a worldly competition about “the best vaccine award goes to {Country}?” Like the Spanish flu back in 1918, the COVID-19 pandemic took many lives and drastically affected economies thus ruining almost every country’s path to growth and development. It not only slowed down human lives but real estate economic development across countries. The only industry that experienced a historic high was the healthcare like hospitals, clinics as well as several known and quite a few budding pharmaceutical companies.
After Wuhan, London, Italy And New York, India experienced the brunt of a deadly second wave that took a toll on India’s growing economy and pulled it back by several years. From schools, colleges, malls, to offices, as well as temples and multiplexes this global pandemic dramatically affected the influx of investment, people and the revenue earned. The market almost felt dead up until now when things seem to open up one step at a time. Though with a slight fall, real estate in Hyderabad seemed to be the only niche in the state other than healthcare that survived the global mayhem that we refer to as the COVID-19 pandemic.
The residential market in Hyderabad closed sales of over 60% in the first 3 months of 2021, which definitely marked a good start. These figures turned out to be the highest amidst all other metro cities making us all wonder the reason behind such unexpected yet fabulous numbers. The city closed as many as 4,400 new home deals during this period as opposed to 2,680 during January and March 2020. That’s not all, alongside sales, new project launches picked up the pace too, satisfying the demand in the market. The numbers almost touched the mark of 7,000 indicating stability and high demand. Having said that, though the market was not in the pink of health, many online and offline enquiries along with financially stable, genuine home buyers substantially improved the traffic and gave the market a certain momentum.
This brings us to our next important question, Why? Or rather How has the real estate in Hyderabad not experienced a dip contradicting the markets in other metro cities? Industry experts attribute this slow yet significant growth to reasons like:
- Relatively affordable property prices
- State of art social and physical infrastructure
- Good environment
- Higher job opportunity due to expansion
The few other highlights that attract people from across the state of Andhra Pradesh and the country in general are:
- Peace
- Good law and order
- Better infrastructure
- Radial routes
- Outer Ring Road (ORR)
Along with the demand at the grass root level, certain government initiatives like the announcement of NIMZ (National Investment Manufacturing Zone) led to industries like defence, aerospace, food-processing, electric equipments, electronics, metals, and others find their perfect hub. This largely contributed to the boom of real estate in Hyderabad despite COVID-19 situation.
The aforementioned is one take on the increased demand and sale of properties in Hyderabad while all other niches almost crippled. The other angle to this can also be “ample time”. The initial ambiguity associated with the pandemic gave genuine home buyers ample time to research, read, choose, ponder, wander (though online) and finally boil down to one. “Yes”, though a small word is seldom used especially; promptly for big decisions like buying a house. From amenities to the size of the house, security, neighbourhood, and proximity, real estate investments requires a lot of thinking and surety. With the pandemic scaling upwards, site visits saw a drastic fall making online portals famous, reliable, as well as the “new channel” of closing any real estate investment.
Apart from all the superfluous details, online platforms played an instrumental role in putting across demands like apartments for sale in Hyderabad, villas for sale in Hyderabad or something as general as real estate in Hyderabad.
“Online portals” as well as “sufficient time” made for the best combination that facilitated every buyer with minutest of the detail they needed and sometimes also with online site visits. Therefore, the COVID-19 situation proved beneficial for the real estate market in Hyderabad along with people who really wished to buy a house but couldn’t find enough time to research, learn, and understand.
Some of the most popular areas in Hyderabad that have newly picked up pace are Kompally, Suchitra Junction, Miyapur, Bachupally, Nanakramguda, Kondapur, Tellapur and more. With the increasing investment of the private sector in the infrastructural development of Hyderabad, the demand is foreseen to only scale upwards, hopefully making history. Though work from home may have become the new cult, remote working for all industries especially in a country like India may look slightly dicey. Therefore making real estate in Hyderabad a promising niche of tomorrow.
To conclude, the experts feel that “this” is the right time to invest in the real estate market of Hyderabad with the home loan rates hitting the rock bottom in over a decade, developers offering incentives to push sales and last but not the least “perfect research”. Taking the advantage of this situation, buying your dream home in your dream property looks possible. Waste no time as experts predict a change post-vaccination with things coming back to normalcy.
What are you waiting for? Make a list of all your specifications, choose your top three, list down all the details you want, hop onto any online portal or simply call the site office, and lastly buy your dream home today!
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