Buying Real Estate Properties in Hyderabad – New Project or Resale

Hyderabad real estate market was very dull and the properties rate cheaper than even tier 2 cities till 2013. The long drawn Telangana agitation and fear of possible migration of Andhraites from Hyderabad had caused the market to remain in the dumps. There were no national real estate players. Projects were few and demand muted.

The resolution of the Telangana agitation with the formation of a stable government together with completion of the 150 km long outer ring road revived the real estate scene in Hyderabad.  Following this land prices started heading north which directly impacted the prices of flats and villas/houses.   The uptrend in the market brought large organized real estate companies from Bangalore, Mumbai, and Chennai into Hyderabad. With them buying large parcels of land, land prices started increasing further. Due to even higher land costs, flats and villas in new projects,  become costlier.

There are scores of projects and thousands of gated community flats now available in Hyderabad from major builders like Prestige Group, Mantri Realty, Lodha Estates, MyHome Construction, Salarpuria Group, Sumadhura Group, Phoenix Group etc. Buyers are faced with a hard hit on their budget with properties quoting sky-high rates. Naturally, they seek answers to the following questions.

• Should buy a plot and build a house or buy a villa in a gated community?
• Should buy a plot in a new development or a resale plot?
• Should colleagues and friends come together buy land and develop a project for their use?
• Should buy in a large new gated apartment complex or buy a resale flat?

The decision to buy in a new project or a resale real estate property should be taken based on one’s budget as well as the location of available new projects and resale properties nearby.

To help buyers locate new projects they could go through listings in Magicbricks and 99acres which have excellent coverage of latest builder properties. For resale real estate properties in Hyderabad head to PropRover.  Buyers can search by the location they prefer and browse through listings and contact the owners directly. Resale listings are also available in Quikr and OLX but buyers will have to create a profile and log in to get phone numbers of the sellers. Whether you buy in a new project or a resale property, always check legal aspects and relevant approvals by GHMC, HMDA, DTCP or Panchayat.  

Happy real estate hunting in Hyderabad!