With a significant surge in diesel prices, the cost of building materials has also increased which has turned new residential flats costlier for homebuyers in Hyderabad. The twin cities of Hyderabad and Secunderabad are witnessing a rise of around 15-20% in the cost of new residential projects.
Standing the test of COVID-19 pandemic, Hyderabad was one of the few cities that witnessed impressive growth in its realty sector. However, it has again taken a hit with an increase in the transportation charges due to a spike in diesel prices.
According to the Builders’ Association, “There is an increase in prices of bricks, sand, and concrete also and there is a possibility it could further increase in the coming days.”
As per the sources, a number of developers have stated that the prices of around 78 building materials have increased which are to be sold directly to the customers. Official statistics show that steel prices have increased by Rs 16-20 per kg and cement bags have also got around Rs 70 to 80 costlier.
However, a few builders in the city who have already completed their projects are in a win-win situation as they continue to offer flats at affordable prices. A prominent name among them is Modi Builders, whose residential projects in Hyderabad are in great demand.
For luring the potential buyers at this time, their projects at best localities like Kukatpally, Kompally, Ghatkesar and more, offer luxurious amenities at affordable prices.
Millennials looking for houses for sale in Hyderabad are highly considering the projects like Elegance, Paradise Homes, Sterling Heights, among others, to own a home as a sense of security and getting advanced amenities during these unpredictable times.
Unlike other housing markets in India, the growth in Hyderabad realty segment has been significant over the last 5 years. Even during the COVID-19 recovery period, the city was ranked among the top Indian cities in terms of quality of life and employment opportunities.