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Hyderabad realty poised for 30% growth this year
The real estate sector in Hyderabad, which went through hard times in the past few years due to global recession and bifurcation blues, seems to be back on a robust growth track now, with the industry insiders expecting a whopping 30 per cent growth in sales during the current financial year.
Hyderabad: The real estate sector in Hyderabad, which went through hard times in the past few years due to global recession and bifurcation blues, seems to be back on a robust growth track now, with the industry insiders expecting a whopping 30 per cent growth in sales during the current financial year.
“Finally, the real estate sector is back on a good growth track after a few years of uncertainty. The sector, which experienced flat or negative growth in the last few years, will clock more than 30 per cent sales growth this fiscal, thanks mainly to the proactive policies of the state government and resilient Brand Hyderabad,” C Shekar Reddy, former national president, Confederation of Real Estate Developers' Associations of India (Credai), and CMD, CSR Estates, told The Hans India.
According to him, the City of Pearls witnessed the launch of the largest number of real estate projects this year, for the first time after the 2008 global recession. “Several big projects with apartment units ranging from 1,500 to 2,000, have been launched this year.
We came across such new projects only during boom period. Besides, more than 12 national real estate companies, including Mumbai-based Kalpataru rolled out their projects in the city in recent months.
Even small companies which used to sell just 5-10 units a year ago are now able to sell 30 to 40 units a month. These things go on to indicate how robust the sector is,” Shekar Reddy explained.
Concurring with his views, P Dasarath Reddy, president, Telangana Real Estate Developers Association(TREDA), maintained that the sector would continue the current growth trend for next few years. “There were widespread fears that the real estate sector would collapse post bifurcation.
But the government allayed those fears by unveiling an innovative industrial policy in TS-iPASS as well as IT policies,” he said.
He said that the State had, so far, attracted over 250 small and medium enterprises (SMEs) which generated a large number of jobs. Besides, 25 global IT companies established their operations in the city in the recent past, giving fillip to the realty sector.
“It’s a lot better for us this year. The main reason is the positive government and its positive attitude. The Telangana government initiated a slew of reform measures that made construction a hassle-free exercise and simplified the approval processes.
The encouraging sign is that end users, not investors, form majority of those purchasing properties these days,” he said. Apart from the robust sales, the sector also witnessed decent asset appreciation, a key driver for growth, in the last one year.
“In some areas, we have seen more than 30 per cent price appreciation. This is good for both the builders as well as customers,” said N Jaiveer Reddy, Managing Director, Ashoka Developers & Builders.
