Ready to move in property in Hyderabad is more likely to be bought or sold than a property that is under construction. A ready to move in property is likely to be sold faster than a freshly booked property regardless of whether the property is being bought or sold in the primary or secondary market. Thus if a ready to move in property is being sold by the builder, or being sold by an individual, it is likely to attract more buyers than an under construction property.
The Factors behind this Trend
Two factors have led to greater demand for ready to move in property. The first factor is the lower interest rate being charged by banks on home loans, this has led certain households to invest in real estate which otherwise wouldn’t have invested in a house. Demonetization is still playing a role in the cities real estate market seven months after it was implemented. Due to demonetization, buyers have more negotiating power over sellers translating into buyers being able to quote a more favorable offer price.
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The Ready to Move in Premium
Even though there are more transactions of ready to move in property, buyers are also willing to pay more for such a property due to the money they will save from owning a completed house. A household saves money by buying a completed house because project delays on an under construction property increase the financial burden on buyers.
Experts have stated that real estate property in Hyderabad is inexpensive when compared to real estate in other metro cities, this according to industry veterans is the key reason households in Hyderabad invest in ready to move in houses. Regions of Hyderabad such as Gachibowli and Hitech City have numerous ready to move in housing options available for interested buyers. According to industry veterans, usually when money is a major factor in deciding on a home do buyers opt to purchase a house in a fresh booking. Households that are not as constrained by money usually choose to buy a completed house. A major reason that investors choose to buy an under construction home when they have fewer funds is that they hope to benefit financially as the property nears completion and subsequently begin to increase in value.
The Role of Hyderabad’s growing IT Workforce
It is estimated that within one year, the headcount of Hyderabad’s IT workforce will increase by forty thousand; this is likely to lead to more demand for ready to move in houses. Notably, a reason ready to move in houses are more expensive than properties under construction is that there is greater demand for ready to move in houses.
It is expected that a larger IT workforce that is well paid will continue to create demand for completed real estate projects in Hyderabad.