HYDERABAD: The quest for affordable housing in Hyderabad has become increasingly elusive for the city’s middle-class population, particularly along the western corridor, where even a budget of Rs 1 crore is falling short amidst soaring property prices.
Prospective buyers lament the escalating costs, noting that even average developers are demanding prices well above the Rs 1 crore mark, making it difficult to secure a suitable home. Many attribute this trend to concentrated development in certain areas, while industry insiders advocate for decentralisation to alleviate pricing pressures. A Bengaluru expatriate and IT company delivery director expressed disbelief at Hyderabad’s property prices compared to his former city of residence. “Having lived in Bengaluru for 17 years, I never encountered such steep property rates,” he remarked, emphasizing his preference for investing in land amidst the current market volatility. Similarly, a software professional from Karimnagar shared his disillusionment, stating, “With a budget of Rs 60 to Rs 70 lakh, developers inform me there are no viable options available. This disparity raises concerns about the accessibility of Hyderabad’s housing market for individuals relocating from other parts of Telangana.” Another prospective buyer echoed these sentiments, highlighting the stark reality that a decent home now demands upwards of Rs 2.5 crore, a figure beyond his financial means. Criticism also surfaced regarding mandatory charges imposed by developers, including exorbitant fees for amenities and compulsory multiple parking slots.
In response to these challenges, officials from CREDAI Hyderabad underscored the need for policy reforms and geographic diversification within the real estate sector. Suggestions included expanding the Hyderabad Metropolitan Development Authority (HMDA) and enhancing metro connectivity to ease pressure on core city areas. Conversely, developers defended the pricing strategy as reflective of market dynamics, catering primarily to affluent clientele seeking premium locations and high returns on investment. A developer from western Hyderabad defended, “Our target market comprises discerning customers willing to invest in superior quality and future value, justifying our pricing model.” As Hyderabad’s real estate landscape evolves post-elections, stakeholders await new policy directions that could potentially rebalance the market and address affordability concerns for the city’s middle-income groups.
