The ongoing pandemic which has its roots from the dragon country China left a deadly impact on everything around us and many sectors went through severe losses with the crisis created by the disease.
Now the Hyderabad real estate market too faced the wrath of the virus and the business saw a dip by around 40 percent. This data is only for the first half of the year.
The data collected by the leading International Property Consultant, Knight Frank India has found out that office as well as the residential market went through a sharp decline by over 40 percent.
The Consultant specializing agency provided this data in its recent report and came up with a complete analysis of the performance of the real estate markets. The market analysis was conducted in eight big cities in India.
Going by the information provided by the company in its report stated that the office transactions in Hyderabad went through a sharp decline of around 43 percent which translates to 2.2 mn sq ft of year-on-year decline.
However, the office market in Hyderabad has been increasing gradually since the past five years and the market price saw a peak in the office market in the year 2019. The year saw a growth of 12.8 mn sq ft in the office market.