Hyderabad’s real estate has experienced a rapid growth that has reached beyond the city suburbs to encompass previously unknown locations. As the core of the city has become exhausted, the outskirts like Tellapur, Gopanpally, Narsingi, Nizampet, and others have been subsumed. The city’s ever-growing appetite and the state government’s proactive policies have propelled the real estate market forward, causing even the former suburbs to merge into the main city.
A study by Knight Frank India revealed that in 2022, 68,519 residential units were registered with a total value of Rs 33,605 crore in the city. The four districts included in the assessment were Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy. In December 2022, Medchal-Malkajgiri led the way in home sales registrations with 42%, followed by Rangareddy district with 36%. Hyderabad district only accounted for 16% of the total registrations.
The home sales registration data highlights the scale of property acquisition taking place in the newly developed areas located outside of the city core. The vast land tracts in these areas have attracted developers and investors alike, with prices for both built and under-construction residential units rapidly increasing and closing the gap with established locations.
The property market seems to be in harmony between the developers’ initiatives and the investors’ enthusiasm in the new suburbs. It is largely driven by young investors looking to secure property that will appreciate over the years.