With falling prices and depressed demand for residential properties, many developers are offering huge discounts for ready possession properties in and around Hyderabad
Real-estate prices are currently very attractive in Hyderabad.
Developers in this city are finding it difficult to sell their ready possession properties due to fall in demand. To overcome the lower demand and falling prices, some developers are offering huge discounts of up to Rs8 lakh-Rs9 lakh.
“A flat costing about Rs35 lakh earlier is now being offered for as low as Rs26 lakh. Realty sales in Hyderabad are falling every quarter. The September quarter witnessed lower sales compared to the June quarter,” said Pankaj Kapoor, founder and managing director, Liases Foras Real Estate Rating and Research.
During the quarter to end-September, total sales of two bedroom, hall and kitchen (BHK) properties at Hyderabad fell sharply. Places like Secunderabad, Nizampet and Manikonda are hot locations for residential properties and developers from these locations are offering discounts of up to Rs8 lakh-Rs9 lakh.
Hyderabad-based Aparna Constructions and Estates Pvt Ltd is offering a 2BHK apartment of 935 sq ft at just Rs963 per sq ft at Kompally in Secunderabad, till March 2010, against the usual rate of Rs2,100 per sq ft.
However,according to an e-mail from Sivaram Nalluri, assistant general manager for marketing, Aparna Constructions they have been receiving a lot of inquiries and said the proposed price for the property at Kompally, Secunderabad is Rs1,500/- per sq ft for a 935 sqft 2BHK apartment.
Hyderabad has a supply of 60 million sq ft of residential projects, out of which 15%-18% are completed constructions.