Property searches in Hyderabad jump by a third on improving sentiments

HYDERABAD: The number of residential property searches in Hyderabad jumped by a third in the past one year due to availability of properties at desired prices and expectations of an improving regulatory scenario, revealed data by realty portal MagicBricks.

While the city saw 32,500 searches in July 2016, it shot up to 48,700 in June 2017, posting a growth of 33%.

Sudhir Pai, chief executive officer, Magicbricks, said, “This increase in searches has been led by expectations of no further reduction in prices, impending implementation of RERA and timely completion of projects apart from availability of properties at desired rates”.

According to the company, properties priced below Rs 80 lakh saw the highest number of searches in the past one year. Interestingly, searches for luxury properties priced over Rs 1.5 crore saw a marginal uptick as against a flattish growth in searches in other metros.

The Hyderabad residential market also saw a 10% increase in prices from nearly Rs 3,450 per sqft in March 2016 to Rs 3,799 per sqft in June 2017, the highest price gain amongst all 14 major cities.

“Premium localities in Rs 5,000-6,000 per sqft and beyond saw the highest price gain. This includes localities like Banjara Hills, Jubilee Hills, Madhapur, Hi-tech City and Kukatpally Housing Board,” said Pai.