Investors in Indian property have their eye firmly fixed on Hyderabad, according to new research from TheMoveChannel.com.
The capital of Andhra Pradesh will become the capital of India´s new state, Telangana, this summer, and 10 percent of buyers are already searching for opportunities, according to data from the U.K.-based overseas property website.
Activity on the property portal in the last 12 months revealed that Mumbai is the driving force of Indian real estate, attracting almost one quarter of searches for property by location. Pune was the second most sought-after destination, targeted by 12 percent of searches, ahead of Hyderabad, which was the subject of 10.4 percent of searches.
These three locations are far ahead of the country´s other major cities, with Chennai, Bangalore and Delhi receiving just 4 percent, 3.1 percent and 2.8 percent of enquiries respectively. Together, Pune, Mumbai and Hyderabad account for 45 percent of location-based search activity.
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Mumbai is the most popular property destination when it comes to enquiries too. The state of Maharashtra, which is home to Pune, accounted for 35 percent of enquiries in the year to February 2014.
Tamil Nadu is the second most popular state of India for property buyers, generating 14.57 percent of enquiries, ahead of Kerala and Assam, which received 8.78 percent and 8.13 percent respectively.
Andhra Pradesh, of which Hyderabad is the capital, accounted for 6.26 percent of activity, making it the fifth most popular state for property.
Search activity on Google relating to Indian property noted that buyers tended to search in general for "property in India" and "India property", while "houses for sale" were the most popular property type, ahead of land, hotels, apartments and villas. In general, searches for Indian property declined over the last 12 months, although interest picked up in the final quarter of 2013.
Ivan Radford, Editor of TheMoveChannel.com, said: “Hyderabad has been highlighted by many as an investment hotspot, thanks to the city´s affordable real estate and impending role as capital of two states; both Telangana and Seema Andhra (what will be left of Andhra Pradesh following the split). Once the new state has been formed, it will be interesting to see what happens to the country´s property market. As interest in the area heats up, though, it is clear that Hyderabad is already catching the eye of buyers."
Andrew Batt, International Group Editor of PropertyGuru Group,
wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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