The real estate sector in India saw remarkable growth in 2023. Policy reforms, positive consumer sentiment, rising disposable income and the growing demand for bigger homes propelled this progress, which surpassed the growth rates of previous years and broke all records.
Hyderabad stood out amid this growth as one of the most affordable Indian real estate markets. The city has retained its position as one of top most affordable for homebuyers in the major metropolitan areas.
The JLL report projections reveal that Hyderabad’s Home Purchase Affordability Index (HPAI) will reflect the admirable levels observed in the past two years. This will strengthen its position as the go-to hub for prospective homebuyers. The report also highlights that Kolkata and Pune, along with Hyderabad are expected to be the most affordable cities for home purchases.
According to the report, experts predict a 60-80 basis point repo rate cut in 2024. This, along with government initiatives like Telangana housing scheme and Pradhan Mantri Awas Yojana (PMAY) are likely to boost the purchasing power of homebuyers and ensure that their dreams of purchasing homes and investing properties see the light of the day. On the other hand, the market will focus on affordable projects within the reach of the population, solidifying its appeal to potential homebuyers.
Despite the price rise of residential properties in the tech hubs of Bangalore and Pune, Hyderabad is poised to maintain its stand as the most affordable housing market. Hyderabad’s housing market is likely to see robust activity throughout 2024, which aligns with the anticipated cuts in interest rates for affordable housing loans.
Emerging infrastructure is also expected to push for the growth of new suburbs, prompting developers to deliver the best affordable housing projects in Hyderabad.
Despite economic fluctuations in the global market, India’s housing market showed remarkable momentum in 2023. This is likely to continue until the end of 2024, for the sustained growth of the real estate sector. Along with affordability, health & safety, community living, and sustainability will be the key factors in home purchase decisions.
At TMR Group, we offer affordable plots to build the home of your dreams at various locations in Hyderabad. These open plots at the hotspots of development allow you to uncap a future full of growth and profitable returns. To know more about TMR Group projects in Hyderabad, visit https://tmrinfra.com/
