Home prices in Hyderabad likely to rise 4% this year
Home prices in Hyderabad grew by over 5% in 2015 and are predicated to rise by 4% in the current year, JLL India said in a research note.
"The city’s residential market witnessed a price appreciation of 5.2% (year-on-year) in 2015 and is expected to see a 4% price rise in 2016," Anuj Puri, Chairman and Country Head, JLL India said.
A well-known IT hub, Hyderabad has been witnessing a strong demand for office space for some years now, which has led to an increase in demand for homes in the city that also grew over the years, barring the period of political turmoil.
Its western suburbs contributed the maximum share to total launches and sales' movement in the city in 2015.
At the sub-market level, the city's western suburbs namely HITEC City, Kukatpallay, among others saw the highest appreciation at 15.4% in 2015. Its both northern suburbs (Bachupally, Shamirpet, etc.,) and eastern suburbs (Uppal, LP Nagar, etc.,) witnessed a growth of 4.7% last year.
"Both developers and buyers are highly bullish on the western sub-market, which is the major driver behind Hyderabad’s residential demand-supply dynamics," Puri said.