The dream of owning a home in Hyderabad is slipping away for the city's middle-class buyers, particularly in the western corridor. Even a budget of Rs 1 crore is proving insufficient as average developers are charging well above this threshold.
Industry experts indicate that property prices are unlikely to decrease unless development extends to the northern and eastern parts of the city.
Ajay Kumar, an IT professional who recently relocated from Bengaluru to Hyderabad, voiced his concerns about the high property prices. "The prices here don't match the amenities provided. I've lived in Bengaluru for 17 years and didn't see such rates," said Kumar, who is searching for a villa as he considers land a better investment for the future.
Krishna Kanth, a software employee from Karimnagar, expressed his frustration, stating, "I have a budget of Rs 60 to Rs 70 lakh, but developers tell me there's nothing available. How can anyone from other districts in Telangana settle in the state capital?"
Srinivas Goud, another potential buyer, noted that a decent house now costs at least Rs 2.5 crore, a sum he cannot afford. Similarly, Naveen Reddy, a software professional, highlighted the hidden costs associated with buying an apartment, including high charges for amenities, maintenance, and mandatory purchases of two parking spaces for a three-bedroom apartment.
V. Rajasekhar Reddy, president of the Confederation of Real Estate Developers Association of India (CREDAI) - Hyderabad, suggested shifting focus from the west to the east to address the high real estate prices. He noted that the market is in a holding pattern awaiting new government policies post-elections. Expanding the Hyderabad Metropolitan Development Authority (HMDA) and improving metro connectivity could potentially alter the market dynamics.
Developers defend the high prices as a result of market forces. A developer from western Hyderabad explained, "Our clientele is 'India 1,' those who seek the best and are willing to pay for premium locations, amenities, and future returns on investment."
Despite these challenges, buyers like Krishna Manohar continue to seek affordable options. "We had a budget of up to Rs 1.5 crore. Now we've almost doubled it, but the available options are still far from the city, with development likely taking a decade to reach there," he lamented.
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