The upward revision of registration costs for the second time in the last one year has discouraged homebuyers and slowed down property sales. Hyderabad posted a 25% drop in registration of apartments in February 2022.
Although low sales and rising cost of construction material have troubled the developers’ community, low lending rates continue to attract first-time homebuyers. However, the challenge lies in timely completion of projects and bridging the gap between demand and supply of properties priced under ₹1 crore as availability of these units is approximately 20% lower than demand, said a 99acres Insite Report released on Wednesday.
The city saw 57 new housing societies being launched and over 21,000 housing units added during January to March 2022. Maximum supply was added in the price range of ₹70 lakh to ₹2.5 crore, and most of these projects are expected to be completed by 2027-28.
