Ready-to-move homes most sought after in Hyderabad

Hyderabad: For 26-year-old Sanjay Kumar, a first-time home buyer, choosing a residential property of his choice was the most difficult decision of his life but he was clear about one thing – “I will only buy a home that is a new property and fully constructed”. Kumar did not want the haggle of waiting for one or two years more by booking an under-construction property and then spending another few months getting interiors done and then moving into the home.

“After savings for about four years I was able to manage the down-payment of the house and secure a home loan at a low-interest rate. And finally, at the age of 26, I zeroed down on a property of my liking. I must have seen more than 10-15 residential homes before finalising my dream home. And during that period of scouting, I came across many older properties and also a few under construction ones. I was not ready to buy an older property as I will have to again spend more to get the repairs done and for under construction, the waiting period was long,” says Kumar.

This 26-year-old IT professional is part of the same league of young new buyers who are keen on buying new and fully constructed properties even as the share of under-construction real estate grows in the city.

Apart from the reasons listed out by Kumar on why they prefer fully constructed new homes, the other reasons include low cost of maintenance, immediate possession of the house, and a home that is fully equipped with the latest facilities even as developers are looking at providing smart fittings to new residences. With the current low rate of interest and real estate becoming the preferred choice of investment, many youngsters are also keen on buying homes of their choice.

Many reports have also pointed out that first-time property buyers are looking at Hyderabad and the city recorded the highest number of first-time buyers leaving behind cities like Bengaluru, Chennai, Delhi-NCR, and Mumbai. “Factors like lower interest rate and security of owning a physical asset were the top priority for buyers in Hyderabad, while more than one-third of respondents preferred a ready-to-move-in place when compared to an under-construction property. More than 84 per cent of buyers are looking to buy it for self-use and about 61 per cent are looking at properties below Rs 60 lakh,” a report by NoBroker.com mentions.

“Our 3BHK apartment in Narsingi is fitted with the latest tech-savvy products and the community is also safe and has a lot of green space. Although the under-construction homes are offered at a lower cost, the time taken to move into the home is longer. So, once the property was complete, we booked the apartment and moved in immediately with just our furniture and personal belongings,” says Nishita Reddy, a 28-year-old private employee.

A recent report by Anarock also points to the fact that the unsold inventory in Hyderabad has shifted from 53 months a year ago in the first quarter of 2021 to 27 months in the same period this year. This shows that many new properties are being sold in Hyderabad and in terms of new residential supply, Hyderabad saw an all-time high of new launches in 2021 – about 234 per cent higher than the average historical yearly supply. It also noted that in the first quarter of 2022, the city saw approximately 13,140 units sold, registering the highest sales growth of 199 per cent among all top seven cities over the corresponding period in 2021.