Affordable housing faces challenges amid soaring rates in Hyderabad
Realtors in the city pointed out that land rates, registration charges, construction materials, and labour costs have increased since the onset of the Covid-19 pandemic. Real estate is getting dearer. HYDERABAD: Developers across the city are finding it increasingly difficult to purchase land and build low-margin mass housing projects as land rates have soared. As a result, sales in the affordable housing category have been hampered. Surprisingly, over the course of one year, both the supply and sales of such houses have decreased by 50 per cent in Hyderabad. According to Anarock Property Consultants, the number of affordable houses sold in the first half of the fiscal year (H1) 2022 was 1,460, but this figure dropped to 720 in H1 2023. Similarly, the new supply of affordable units saw a significant decline from 1,220 to 685 during the same period. A mere three years ago, purchasing a flat or an independent house in Hyderabad was not an unattainable dream for middle-class buyer...