Hyderabad: Twist in plot for buyers of used homes
HYDERABAD: Purchasing a used flat has become an arduous task for the commoners, paralleling the challenge of acquiring a new home in Hyderabad.
Post-pandemic, the prices of second-hand homes have surged, nearly matching the cost of newly constructed apartments pre-Covid-19. Be it Gachibowli in the west, Uppal in the east, Bandlaguda in the south, or Kompally in the north, securing a used flat for less than 50 lakh has become highly challenging for buyers. In the IT corridor, a decade old 2BHKs command 7,000 per square feet, while 3BHKs are available at 9,000 per square feet.
“After returning to Hyderabad post work from home, I wanted to have my own house. So I started searching for an old flat in Madhapur and Hi-Tec City areas around 50 lakh. However, I was disappointed by looking at prices of used flats which are available for more than 60 lakh,” said Karthik Verma, a techie staying in a rented house in Lingampally.
P Jaya, a private employee in SR Nagar, planned to opt for a second-hand home priced between 30 lakh and 40 lakh, as new flats exceeded 70 lakh. However, she expressed surprise at owners quoting 50 lakh to 60 lakh for 10-year-old 2 BHKs after a month-long search in areas like Ameerpet, Sanathnagar, Moosapet, and Kukatpally.
Developers emphasise the robust demand for flats as assets and long-term investments. “Usually, the life of a flat is above 50 years and the cost will be 75 to 80% on newer ones. Those who cannot afford new apartments are going for such flats,” said a city-based developer.
A survey by a private property sale and purchase app reveals that renovating a house before selling can fetch a higher price, witnessing a 10% increase from the previous year. This includes interior renovation, home painting, and cleaning, all bundled together. In Hyderabad, 55% of sellers have raised property prices in the last 3-6 months.
“People who had invested in apartments 10 years back are seeing good returns now for the resale. A decade back, people had invested 3,000 per square feet and if they sell them now, they could get anywhere between 5,000 and 6,000 per square feet,” stated N Praveen, president of the Telangana realtors association.
