House-owners expect 19% price hike in a year

Hyderabad: Hyderabad residents are anticipating 10-19 per cent increase in the value of their primary residence over the next 12 months as per a survey conducted by real estate consultancy Knight Frank India.

More than half of the respondents are inclined to shift to a new home within the city, while the same number of people expressed willingness to purchase a second home in a year.

In their latest survey 'India Buyer Survey 2021 – Living in the times of Covid-19', Knight Frank cited that 57 per cent of the city respondents expected price hike for their homes.

This is a quantum shift towards optimistic sentimental value as more than half reported a decline in the value of their primary residences since the start of the pandemic.

On the key reasons that will influence purchase decision in the future, 43 per cent of the respondents opined increase in family size as the primary reason that would influence their decision. About 22 per cent of the respondents opined upgrading family's primary residence as the second most important reason that would influence their future home purchase decision.

On the aspect of preferred location features that will influence purchase decisions in future, 97 per cent of the respondents reported larger green spaces as the primary feature to influence the purchase decision. While 91 per cent said accessibility to good healthcare, 78 per cent mentioned proximity to workplace as the second and third important features respectively.

On the aspect of moving to a new home, a total of 54 per cent reported to have relocated their residence since the start of the pandemic. It is further revealed that 58 per cent have cited the need for more open space as the primary motivator for their decision. About 76 per cent said that the pandemic has no influence on their relocation plans.

Rajani Sinha, Chief Economist and National Director – Research, Knight Frank India said, "Hyderabad housing market has been very optimistic on various key parameters across buyers' sentiments.

While IT firms continued to grow in their core business, the city continued to be a promising residential destination for end users and investors alike."