Key Real Estate Trends in Hyderabad, Telangana – 2023
The Government of India (GoI) has proposed numerous initiatives in its budget for 2022-2023 to make affordable housing a reality for its citizens, and real estate trends are promising to continue an upward trajectory in the next year and beyond. Several key announcements in the Union budget for 2022-2023 will help the real estate sector thrive. The GoI is working on making housing affordable to all, especially those living in rural areas, through initiatives like Pradhan Mantri Awas Yojana (with a target of building 2.95 crore houses) and Pucca house provision (deadline extended from December 2021 to 2024).
Trends in Housing Real Estate
- After a long period of decline, followed by a period of stability, prices for residential properties are now showing signs of increase once again. Sales in the residential real estate sector are expected to continue to grow and improve throughout 2022. Multifarious reasons are contributing to this momentum, as the mindset of prospective homebuyers is undergoing significant changes.
- During the lockdown, families across the country and the world were forced to live in their homes with nowhere to go. People needed open spaces and larger living areas. This has resulted in a spike in the number of people looking for larger homes with dedicated spaces for office work and exercise. Search engine queries for 3+ BHK apartment configurations had shown a growth spurt, indicating that the demand for these types of homes has increased significantly since the end of 2021. since the end of 2021.
- Work from home options have given buyers the ability to be more flexible, and because of this, they are willing to commute longer distances for their dream home. In the last two years, there has been a growing trend of people wanting bigger homes with better amenities. This can be attributed to the fact that people now work remotely full time and desire more space. The combination of these two trends has resulted in increased demand for suburban housing.
Trends in Commercial Real Estate
- Office spaces are in high demand due to their flexibility, comfort, and convenience. Many companies across sectors such as IT, manufacturing, BFSI, startups, etc are searching for office spaces to best suit the needs of their workforce. Additionally, as many companies are looking to establish remote or satellite offices, or expand to new locations, the demand for these types of spaces has increased.
- The increasing number of business activities and the return of customers to physical stores are expected to drive the demand for retail spaces. High-end malls are expected to be developed with all the necessary facilities such as parking spaces, food courts, gaming zones, and movie theatres. These spaces cater to the needs of the families. Real estate developers are now supporting retailers by providing them with flexible leasing agreements.
- Advanced technology has revolutionized the commercial real estate industry. The latest innovations like artificial intelligence, virtual reality, and data analytics have made it possible to provide virtual property tours, improve customer relationship management, facilitate online transactions, and enhance communication between buyers and sellers. Technology enables investors and buyers to conduct a virtual analysis of properties, check locations and floors, compare prices, and perform background checks. It also allows for an understanding of the future prospects of a particular property.