Realty in Hyderabad suburbs getting back to normalcy

Realty in Hyderabad suburbs getting back to normalcy
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Realty in Hyderabad suburbs getting back to normalcy

Highlights

The situation still remains grim as there is a reduction in middle-class buyers seeking properties

Hyderabad: After facing a difficult period arose due to unprecedented Covid-19, the realty sector in Hyderabad suburbs is reviving back to normalcy as it was in the pre-pandemic times. Back in early 2020, the human societies and the systems surrounding it across the world had to witness abrupt and drastic changes in their long-term daily routines, this occurred due to the lockdowns driven by the virus outbreak.

A few realtors and real estate agents from Rajendranagar and Shamshabad areas of Hyderabad revealed how the pandemic had affected their businesses, the evolution during the pandemic and the current status of the real estate sector after the pandemic subsided. In the initial days of the global pandemic when government imposed lockdown to curb the transmission of the virus, the real estate developers had to witness a complete slowdown of real estate sector and they couldn't even earn a penny.

Adding to the pandemic inflicted woes, the governments already introduced strict measures such as Dharani portal and the RERA that made it difficult for the builders to earn like before. As the government started to introduce lockdown relaxations, the realty business too revived with the advent of Covid-19 vaccines into the market. The situation soon started to normalise and the real estate sector started to make a rapid recovery on a fast-track mode.

However, some realtors said that the situation still remains grim as there is a reduction in middle-class buyers seeking properties. Speaking to Bizz Buzz, M Ramana Reddy, a realtor from Shamshabad area said, "As many people lost their income sources and savings during the pandemic, real estate was one of the worst affected sectors. The sale of properties like houses, plots and commercial spaces reached to zero level. At one instance, there was no business, and we could earn nothing, particularly when lockdown was imposed during the first and early second waves of Covid-19."

He further said, "As soon as the government introduced relaxations, our business started to come back from Covid-induced hibernation. Even after the pandemic subsided, only minimum sales were being witnessed in the city suburbs. Earlier people used to make property purchases using full payments, but now more people are opting for housing loans."

"Currently, the market is gaining some traction but there is a reduction in property sales owing to the halted LRS/BRS scheme. We anticipate that the normalcy will be restored soon. The land value has increased in areas in the vicinity of Shamshabad and Shadnagar," the city-based realtor added.

K Narender, another realtor from the same area, had shared similar views. He said that there was already a slowdown as they were hit by the newly introduced regulations by the government and the pandemic just added to their existing woes and deteriorated the situation further. He says, "Due to the state government's Dharani portal, the situation for small-time realtors and agents was grim even before the start of pandemic. Most of the realtors deal with individual plots, lands, small layouts and houses. With the stay order from the High Court, they couldn't get the registration done for the small plots and layouts and there are a plethora of other regulations and conditions under these schemes which make it difficult for them to survive in the market."

Narender adds, "While the situation for small and individual realtors remains gloomy, the big realtors and real estate firms are however witnessing handsome growth after pandemic. The government should reconsider its regulations by keeping in view of the small realtors."

A realtor Bhanodai from Rajendranagar area also shared his insights. He said, "After the pandemic subsided, there is a consistent revival and growth in demand for properties. However, there is a slowdown since past few weeks because of Ashada Maasam, which is considered to be inauspicious. As it ended this week, the business in realty sector will be back to pre-Covid levels."

"The real estate sector is ever growing but owing to job loss induced by pandemic and lockdowns, many families saw a decline in their earnings and savings that led to a delay in their property buying decisions. The pandemic impact can still be felt as there is sure reduction in demand and sales especially from the small-time home buyers," he added.

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