All eyes will be on residential estate developers like Modi Builders as this is a golden opportunity to post impressive numbers in the forthcoming quarter.
As home prices in Indian cities fell across the board, Hyderabad stood out as the only city to show appreciation. The city stood at the 122nd position in terms of annual appreciation in the Global Residential Cities Index Q4 2020 by Knight Frank.
In a statement, Knight Frank India said, “Hyderabad is the only Indian city globally to witness residential price appreciation in Q4 2020, positioning at 122nd rank with a marginal 0.2% year-on-year (y-o-y) rise in home prices.”
Modi Builders is one such real estate company in Hyderabad which is providing affordable housing units at prime locations around the city. The developer has many projects on offer at excellent locations in the Hyderabad suburbs.
While Hyderabad saw a slight rise, the index also recorded fall in prices which revealed that Chennai witnessed the steepest drop with a whopping 9% decline in home prices. Other Indian cities which saw a decline include Bangalore with 0.9%, Ahmedabad 3.1%, Mumbai 3.2%, Delhi 3.9%, Kolkata 4.3% and Pune with a 5.3% decline.
Hyderabad’s position can also be attributed to the various real estate companies like Prestige Group, Modi Builders, Brigade Group, etc., coming forward with affordable housing projects at attractive locations.
Shishir Bajaj, Chairman and MD, Knight Frank India, said, “The performance of Hyderabad’s residential market has remained consistent all through the pandemic, with the city’s real estate market maintaining annual price growth in each quarter, all through 2020. This performance can largely be attributed to the city being a preferred destination by professionals from IT/ITeS companies.”
In Q4 2020, residential sales in Hyderabad posted a 127% QoQ increase. 3,651 units were sold compared to 1,609 units in the previous quarter. This bump can be attributed to the festive season promotions and the demand for homes better suited to a work-from-home (WFH) lifestyle. Developers like Modi Builders grabbed these opportunities and turned them into attractive investments for prospective buyers.
Despite the global pandemic, the Indian residential realty sector has seen a general resurgence over the last three quarters, owing to lower prices combined with all-time decadal low interest rates for home loans and the necessity for more WFH-friendly homes. All eyes will be on residential estate developers like Modi Builders as this is a golden opportunity to post impressive numbers in the forthcoming quarter.