The real estate sector in Hyderabad has been growing rapidly in recent years, especially in terms of land prices. The price of an acre in the city has reached a record-breaking one hundred crore rupees. However, for the common man, owning a house remains a difficult dream.
Not only have the prices of flats in houses and apartments increased significantly, but there has also been a decrease in demand for them. In the first quarter of this year (April-June), 5.26 lakh flats were left unsold in 9 major cities across the country. Hyderabad alone accounted for 99,989 unsold plots, ranking second in terms of the number of unsold flats in ready-to-build apartments.
Thane in Maharashtra topped the list with 1,07,179 unsold flats. This information was revealed by Prop Equity, a leading website that analyzes real estate sales in major cities. The report also showed that the number of unsold flats in Hyderabad has increased by 5% compared to the previous quarter.
The website’s analysis suggests that middle-class individuals are moving away from their dream of owning a house due to the ever-increasing prices of flats in the city. It has been found that there has been a significant reduction in IT employees and job insecurity, leading to decreased interest in purchasing flats. Rising prices and high EMIs have also made IT employees reluctant to buy flats.
In summary, while the real estate sector in Hyderabad is booming, the increasing prices and decreasing demand for flats are making it difficult for the common man to own a house.