The popularity of 3BHKs in the City of Nizams is inching to a new high every passing year. In Bangalore and Chennai, people are making a beeline for compact homes, but we find that homebuyers in Hyderabad love large-sized homes.
As per our research, out of the total units launched in Q1 2018 in the Hyderabad, nearly 81% of the supply was in the 3BHK configuration, followed by 2BHKs with 14% supply.
It is worth mentioning here that the city also recorded a healthy supply of villas in the 3BHK segment.
So, what are the reasons for this? Let’s find out.
Realistic property prices
It is believed that property prices in the city are relatively lower when compared to other metros. Further, the overall price difference between 2 and 3BHKs is not as significant as in other cities. In fact, by paying just 20-25% extra, one can get a substantially bigger home.
The icing on the cake is that unlike its southern counterparts where property values for residential realty have gone up substantially over the years, Hyderabad still has enough room to grow.
Increased purchasing power
Increased purchasing power is another reason for the preference for larger homes. Competitive property prices, increased office leasing activity in 2017, and robust infrastructure growth over the years has positioned Hyderabad as one of the most active southern residential markets in recent times.
With consistent growth of the IT/ITeS sectors and the entry of several e-commerce and multinational companies, earning capacities have taken a giant leap, ultimately increasing spending capacity.
Ideal for large families
“These larger homes are a good option for homebuyers who either already have a large family or foresee having a large family. These are also preferred by homebuyers who have gotten out of the ‘upgrading’ cycle and are very confident of their neighbourhoods,” says Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants.
Additionally, 3BHKs offer the advantage of a more relaxed lifestyle where everyone has their space. Not to mention, these are also an ideal way of ‘future-proofing’ one’s residential choices.
Where can one find them?
The larger units are majorly skewed towards the western part of the city, dominated by the IT/ITeS establishments, followed by markets in the South.
Popular micro-markets include:
- Narsingi
- Kokapet
- Kismatpur
- Appa Junction
- Manikonda
- Maheshwaram
- Adibatla
Based on the new supply, these new 3BHK units are priced anywhere between Rs 2,900-6,500 per sq. ft.
