Hyderabad apartment prices fall amid weak demand
HYDERABAD: Apartment prices in Hyderabad have declined, with builders offering newly constructed homes at lower rates as unsold inventory continues to mount across the city and its suburbs.
Unsold inventory pushes builders to cut prices
Real estate developers launched a large number of housing ventures across Hyderabad in recent years. However, many ready-to-occupy flats remain unsold, prompting builders to offer discounts to attract buyers. The trend is visible across suburban areas as well as parts of Medchal district, the Bengaluru National Highway corridor and the Srisailam Road corridor.
Developers and real estate brokers say the current slowdown in economic activity has reduced buyer interest, leading to a correction in apartment prices.
Apartment rates decline across several projects
Flats that were earlier quoted at around ₹5,000 per sq ft are now being offered for nearly ₹3,900 per sq ft in several projects. Apart from units that were booked during the initial launch phase, many apartments in gated communities remain unsold.
As a result, builders are willing to sell available inventory at lower prices. Market participants attribute the decline partly to the impact of the conflict in West Asia and the resulting uncertainty in the economy.
Independent houses retain value
Double-bedroom and triple-bedroom flats that were priced at up to ₹60 lakh until recently are now being offered in the ₹45 lakh to ₹50 lakh range.
Realtors say many developers are focused on recovering their investments and servicing interest obligations, prompting them to lower prices. However, residential plot prices have largely remained stable.
According to real estate traders, independent houses continue to hold their value, while the price correction has been largely limited to apartments. They say the current market conditions could offer an opportunity for prospective homebuyers.
