Post-Covid, demand up for larger spaces in Hyderabad

Hyderabad The construction of luxury real estate projects in the city has especially picked up after the Covid-19 blues as the homebuyers began to re-imagine their housing choices. Apart from larger space, there is an increased demand for technologically equipped homes that tick all the boxes in terms of a convenience-driven lifestyle and pride of ownership.

There is a huge demand for larger spaces with comfortable facilities. The new age homebuyers are ready to pay more money for the premium amenities such as club house, swimming pool, gym, indoor & outdoor sports arena, steam & sauna, spa & saloon, shopping malls, play area, jogging tracks, food courts, big balconies and other facilities to cater to the modern lifestyle of the residents.

“During the Covid times, people have stayed indoors and realised the value of having good quality homes with proper ventilation. So, there is a drastic improvement in the requirement of premium housing. With this, the luxury segment of housing is doing very well in Hyderabad,” says Prashanth Rao, Owner of Poulomi Estates, which has two ongoing luxury projects – Poulomi Avante & Poulomi Palazzo.

“We have sold out almost 75 per cent of the inventory during the post pandemic period. Poulomi Palazzo has 4BHK units ranging from 6,225 sq ft. We were able to sell 62 per cent of these units over the past 6-7 months. Out of four duplexes, each unit of size 16,200 sq ft on the top levels, we have sold three units already. I expect the same demand for high-end units in the city going forward,” he adds.

The sizes of around 4,000-8,000 sq ft are the most sought after luxury housing units in the city. One 4BHK unit per floor is the preferred thing here. However, there are high-end apartment units of sizes ranging from 3,000-16,000 sq ft. The construction of such projects is happening around the financial district and the ORR by certain elite developers.

“The uptrend in luxury housing is the result of overall improved homeownership sentiment, improved earning potential, and the desire for homes that are future-proofed in terms of size, lifestyle quotient, and resale value growth,” says Anuj Puri, Chairman, Anarock Group. “People are willing to pay for these factors, as has been amply vouchsafed by recent record runs on luxury projects by leading developers.” Both the prices and rental incomes of luxury homes have gone up drastically in the post pandemic period. The high-end units in some localities of the city are being given as guest houses on long lease. For any luxury housing project, its location is the key driver. There is a long waiting list for the luxury residential properties in some hotspots of Hyderabad.

The main micro-markets for the residential luxury segment in Hyderabad are in the Central and western parts of the city. While Banjara Hills, Jubilee Hills, Himayathnagar, Abids, Ameerpet and Somajiguda are the major residential areas in Central part of the city; Hitec City, Gachibowli, Kokapet, Shaikpet, Puppalaguda, Nanakramguda and Raidurg are the promising locations in Western part of Hyderabad. DSR Group’s The World in Jubilee Hills, The Twins in Nanakaramguda, SAS Crown in Kokapet, Aparna One in Shaikpet, My Home Bhooja in Hitec City and Sobha Waterfront in Somajiguda are a few luxury residential projects in Hyderabad. While the developers are holding the best units for better price, the property buyers are eagerly waiting for the completion of these projects.