Is owning a home expensive in Hyderabad?

Buying a house in any state at this point has become a challenge for especially the middle class people. However, the basic necessity of shelter has acquired the place of a luxury nowadays due to an increase in real estate prices. This has happened post-pandemic, the raw material used in the construction has experienced a hike.

Earlier, whenever two individuals from different cities met in Hyderabad, they used to talk about Hyderabadi biryani, but now it is about real estate prices and residential properties. Real estate prices have seen a rapid rise, especially in Hyderabad due to an increase in IT and pharmaceutical companies and centers situated near residential sites. This has resulted in the increasing demand for houses in Hyderabad. With time, the city became the second most expensive residential market in India, after Mumbai.

People think it is only possible to buy a house in Hyderabad if one has a high income, a second source of income, or more than two bread earners in the family. Without this, it seems impossible to buy a flat in such an expensive state.

There is a huge demand for flats for sale in Hyderabad and flats for sale in Beeramguda these days due to state policies. As a result, construction activities all over the state despite the hike in the cost of raw materials has increased.

The liveability index has shown that southern cities are more inhabitable in comparison to northern cities. The property prices in Hyderabad are beyond the affording capacity and it is only possible to buy a property if the increase in income is directly proportional to the increase in property prices. It is expected that real estate prices will go up soon due to inflation in the manufacturing of raw materials.

Factors That Needs To Be Kept In Consideration Before Buying A Property

A property price relies on multiple factors such as location, neighbourhood, quality of construction, luxuries, and age of the building, A few factors have been listed below in detail.

Infrastructure

You should keep in mind the surroundings and the infrastructure of the house you are planning to invest in. You should invest in a house that is close to basic facilities such as schools, colleges, hospitals, metros, multiplexes, malls, and other facilities close to the areas. Villas in Patancheru offer excellent infrastructure with all the desirable amenities.

Affordability

Real estate prices in Hyderabad are rising nowadays but despite this, the prices of houses are still affordable as compared to other states. Keeping in mind the infrastructure that we’re getting in Hyderabad, prices are affordable, if we take amenities and facilities into consideration.

Air Quality

As the air quality is depleting nowadays, you should first look for greenery nearby to keep the environment fresh and healthy. Hyderabad has greenery as there are various forests and lakes that help in keeping the air clean and fresh leading to reduction in health problems.

Connectivity

Mostly, the properties in Hyderabad are usually built in close proximity to metro stations or public transportation facilities. However, evaluating the availability of transportation and distance from the main road is an important factor to be considered.

Distance Between Office And Home

Nowadays, work from home is more in trend due to the pandemic outbreak. However, in Hyderabad, it will take a little time for this trend to be intact. So, it is essential to keep the distance between the office and home in mind before purchasing a house.

Financing Options

Among the crucial factors to evaluate when purchasing a house comes the funding of the property. Most of the residential properties are financed by banks. The banks disburse home loans quickly and with very minimal documentation for eligible customers. The government motivates buyers to take bank loans by offering tax deductions. Hence, the real estate sector has noticed an increase in bank-funded projects. Flexible repayment terms based on your proficiency to repay the loan is one such option.

Conclusion

Buying a flat for sale in Hyderabad is altogether a good decision. It is expensive to buy a house but we cannot disregard the benefits we get along with it.

Areas such as Manikonda, Kukatpally, and Miyapur offer low-budget properties along with prevalent neighbourhoods. Areas like Nanakramguda, Madhapur, and Gopanpally are also considered some popular areas in Hyderabad that provide houses with close proximity to facilities like multiplexes, malls, parks, etc.

Several 2 bhk flats for sale in Bahadurpally are built with livable facilities and conveniences to suit elderly couples and young couples with kids. Nowadays several builders are offering zero percent EMI on the purchase of newly constructed properties.