Home sales in Hyderabad: When it comes to purchasing a home, there are three factors to consider: the purchase price, registration fees, and maintenance fees. The most difficult step is determining the purchasing price. The registration and maintenance charges are the most difficult aspects.
Buyers in Hyderabad are avoiding new projects, primarily because registration prices have risen dramatically. The cost of registration has risen by 40% on average in the last year, and the increase has been deemed unjustifiable. This article will discuss the expenditures to be mindful of while purchasing a home in Hyderabad.
Why Home sales drop in Hyderabad?
According to a recent update, 2,722 crores worth of residential properties were sold or purchased in February. To summarise, rising housing prices and increased registration expenses have hindered home sales.
Furthermore, the Telangana government increased the market values of agricultural lands, plots, and flats by 50%, 35%, and 25%, respectively, on February 1st, 2022. The cost of registrations has increased due to the significant increase in market prices of all properties.
Is it a good time to buy?
Andhra Pradesh, India’s second-largest state by population, is also the country’s third-most populous state. The state’s demographic profile indicates that it will sustain a population growth rate of 1.7 percent, compared to the national average of 1.2 percent. For the past few years, the state has been in the spotlight for its tremendous expansion in all areas. While the state is known for its IT infrastructure, which has been the driving force behind its development, the real estate sector has also been steadily growing.
Increase in Property prices in Hyderabad city
Due to a consistent influx of investments from the sector, property prices in Hyderabad city have been steadily rising, and it has emerged as the favored housing destination in recent years.
Home sales in Hyderabad have been declining due to increasing registration charges, even though the city offers the most affordable residences in India. The city’s housing market has seen prices double in a year in the past, but it has been three years since prices have increased. In the previous three years, the cost of registration and stamp duty has increased from Rs500 to Rs1,800, resulting in stasis in property prices in the city.
What is the impact of Home Sales registration charges hike?
Due to the recent increase in registration fees, purchasing a property in Hyderabad has become more complicated. The government has been steadily increasing the registration fees for home sales. The increase in registration fees, on the other hand, does not affect the property’s price. The increase in registration fees will have an impact on the property market’s growth. The registration fees have now been raised from 25% to 50%.
The increase in registration fees has slowed the sale of property in Hyderabad. In the last two months, home sales have plummeted by roughly 10%. Home prices have risen in comparison to the previous year. The rate of increase in home prices is determined by the property’s availability, location, and demand. The cost of land is likely to grow, which will raise property prices. The cost of the property will rise in tandem with the cost of the land. Consider the following scenario: Land costs roughly Rs.6000/- per sq. ft. on average. If the price of land rises 10%, the price of the property will rise 10% as well.
In India, we are faced with several problems. One of them is the real estate market. The real estate market is in very bad condition. We have to face a lot of problems when we buy a house. It is a very big problem for us. We hope that this blog will help you to buy a house. We hope that this has been useful for you. If you have any other questions or concerns about buying property in Hyderabad, please contact us anytime at openplot.com. Thank you for reading, we are always excited when one of our posts can provide useful information on a topic like this!