Demand for residential property dips in Hyd

The demand for residential properties in Hyderabad declined by 11-12 per cent between June and August period, this year, according to a survey conducted by online real estate portal Makaan.com.

Nevertheless, property prices have gone up in 22 out of the 37 localities surveyed in the city. In 15 localities, the prices declined in the range of 1 to 10 per cent in these months.

According to portal’s vice-president and business head Aditya Verma, the survey covered 53,577 persons who are looking towards purchase of residential properties.

While 44 per cent of the demand is for residential properties costing less than Rs 30 lakh, 25 per cent demand is for properties ranging between Rs 30 lakh and Rs 60 lakh and 20 per cent of the demand is for properties costing Rs 60 lakh to Rs 1 crore. The demand for properties valued at over Rs 1 crore is 11 per cent.

Interestingly, the survey reveals, 62 per cent of the property seekers are willing to purchase residences anywhere in the city provided their essential requirements are met.

For the purpose of the survey, the state capital was broadly divided into greater Hyderabad, Hyderabad and Secunderabad. However, the report did not explain on what basis the divisions were made. For instance, Hitec City and Banjara Hills areas were included in the Hyderabad division while Jubilee Hills, located between the two areas, was included in the greater Hyderabad division. Verma said that such “flaws” would be removed in the future surveys of Makaan.com.

Similarly, with regard to the residential property for rent, the report stated that the sample size was lower than that of seekers looking to buy, which “might cause some error in the analysis”. The demand for rental properties, the report indicated, too declined by 5 to 11 per cent.