Hyderabad Real Estate Market Shifts Towards Compact Living
Discover the latest trend in Hyderabad's real estate market as homebuyers opt for smaller flats, driven by changing lifestyles and economic factors.
Hyderabad Real EstateCompact LivingApartment SizesLuxury SegmentAnarock GroupReal EstateAug 12, 2024
This decline is in contrast to other major Indian cities, where apartment sizes have increased by anywhere between 1% (in Pune) and 96% (in NCR) during the same period. Despite the decrease, the average size of apartments in Hyderabad remains over 2,000 square feet (sft), with a five-year period showing an 18% increase in size – from 1,700 sft in 2019 to 2,010 sft in 2024.
Experts attribute this shift towards smaller flats to various factors, including a deliberate cutdown on size to cater to a larger pool of buyers and a slowdown in the luxury segment. Santhosh Kumar, Vice-Chairman of Anarock Group, noted that the new supply added in the luxury category in H1 2024 has been relatively lower compared to the same period a year ago.
Among the top seven cities, NCR has overtaken Hyderabad to record the highest average flat size of 2,450 sft during the first six months of 2024.
The trend towards compact living in Hyderabad is also driven by changing lifestyles and economic factors. With the rise of nuclear families and increasing affordability concerns, homebuyers are opting for smaller, more efficient living spaces.
In other news, Amgen, a US-based biopharma company, is set to open a new technology and innovation center in Hyderabad by the end of 2024. The facility, named Amgen India, will host up to 3,000 employees and drive digital advancements across the company.
The choice of Hyderabad as the location for the center is due to its excellent talent pool in medicine, life sciences, and data sciences. This development is expected to further boost the city's reputation as a global technology and life sciences hub.
Frequently Asked Questions
What is the current trend in Hyderabad's real estate market?
The current trend in Hyderabad's real estate market is a shift towards compact living, with homebuyers opting for smaller flats.
What is the average apartment size in Hyderabad?
The average apartment size in Hyderabad is over 2,000 square feet (sft).
Why is the luxury segment slowing down in Hyderabad?
The luxury segment is slowing down in Hyderabad due to a decrease in new supply added in the luxury category.
What is driving the trend towards compact living in Hyderabad?
The trend towards compact living in Hyderabad is driven by changing lifestyles and economic factors, including the rise of nuclear families and increasing affordability concerns.
What is Amgen's plan for its new technology and innovation center in Hyderabad?
Amgen's new technology and innovation center in Hyderabad will host up to 3,000 employees and drive digital advancements across the company.
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