Homebuyers in Hyderabad prefer 3 BHK over 4 BHK, 2BHK, 1 BHK: ANAROCK report
Shifting Trends in Hyderabad’s Real Estate Market
HYDERABAD: There’s a shift in homebuyer preferences towards larger living spaces in Hyderabad, according to Anarock’s Homebuyer Sentiment Report 2023.Homebuyers in Hyderabad prefer 3 BHK over other options.
Preference for Larger Living Spaces: Insights from Anarock’s Homebuyer Sentiment Report 2023
According to the report, 48 percent of respondents prefer spacious 3 BHK flats in Hyderabad, while demand for larger units such as 4 BHKs remains relatively low at 4 percent.
Despite the constraints created by the epidemic and rising home prices, there is a need for enough living space in Hyderabad, reflecting a strong market sentiment. The survey also noted a shift in preference for new launches over ready-to-move houses, as evidenced by the ready home-to-new launch ratio of 23:24 in the latter half of 2023, compared to 32:24 in the same period in 2021.
Moreover, the real estate market in Hyderabad has exhibited robust performance, with sales witnessing a surge. In the second half of 2023, a total of 33,900 homes were sold, marking a 46 percent increase from the previous year.
Anuj Puri, Chairman – Anarock Group, said, “The supply of bigger homes is seamlessly following the demand for them. The data indicates that average flat sizes in the top seven cities grew by 11 percent annually last year – from 1,175 sq. ft. in 2022 to 1,300 sq. ft. in 2023. The survey also finds that for the first time, the demand for ready-to-move homes is lower than new launches. The survey highlights that in H2 2023, the ratio of ready homes to new launches is 23:24 against 32:24 in H2 2021. Interestingly, it stood at 46:18 back in H1 2020.”
Beyond housing preferences, the report also highlighted that there is a growing inclination towards suburban areas and city centers, as well as an increased desire for balconies and improved construction quality among homebuyers.
Millennials and Gen-X respondents are also keen on utilising gains from other investments to purchase homes, with residential real estate remaining a preferred investment asset class for over 57 percent of respondents.
CM Revanth Reddy reorganizes disaster management for Greater Hyderabad
HYDERABAD: Chief Minister A. Revanth Reddy has decided to assign critical responsibilities to the Disaster Management Department within Greater Hyderabad. He has directed officials to implement structural changes and redistribute responsibilities accordingly. In a review meeting at the Secretariat on Monday evening, the Chief Minister discussed the reorganization with officials from Municipal Administration, HMDA, and Musi Development.
Expansion of disaster management responsibilities
Recognizing the geographic expansion of Hyderabad, the Chief Minister ordered the Disaster Management Department to extend its jurisdiction to the Outer Ring Road. He suggested including GHMC, 27 surrounding municipalities and corporations, and 33 gram panchayats within its service area. The department will be renamed the Hyderabad Disaster Response and Assets Monitoring Protection (HYDRA). The Chief Minister proposed appointing a DIG-level officer as the director and SP-level officers as additional directors. He also recommended special teams from GHMC, HMDA, the Water Board, city traffic, and other departments to join this new division.
The Chief Minister emphasized the need for the Disaster Management Department to offer continuous services to city residents, not just during floods or emergencies. HYDRA should actively address all issues faced by Hyderabad’s citizens, including preserving the city’s tanks and ponds, protecting government properties from encroachments, and managing hoardings and flex banners. Additionally, HYDRA will oversee water pipelines, electricity supply lines, drainage, flood management, and traffic control.
Focus on heritage and infrastructure projects
Chief Minister Reddy directed the acceleration of the Musi River Development Project, aiming to elevate Hyderabad’s international reputation. He stressed the importance of working towards the government’s goal of transforming this project into a landmark. He also ordered officials to take necessary actions to restore historical buildings and structures within the city. The GHMC presented a PowerPoint on various heritage sites, such as the City Library, Charminar Ayurvedic Hospital, and Nizamia Observatory etc. The Chief Minister encouraged exploring ways to develop these sites for tourism and integrating feasible ones into the Musi River Development Project.
The Chief Minister instructed Chief Secretary Shantikumar to draft a comprehensive reorganization plan, including staffing, duties, and budget allocations for HYDRA. He also emphasized identifying key areas where the Disaster Management Department can enhance its operations.
The meeting included Chief Secretary Shantikumar, Principal Secretary of Municipal Administration and Urban Development Danakishore, GHMC Commissioner Amrapali, GHMC Vigilance Disaster Management Commissioner A.V. Ranganath, and Hyderabad Water Board MD Ashok Reddy.
