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Real estate booming in Hyderabad despite Covid-19
Real estate booming in Hyderabad despite Covid-19
Real Estate in Hyderabad is booming despite the Covid-19 situation worsening in the State
Hyderabad: Real Estate in Hyderabad is booming despite the Covid-19 situation worsening in the State. Every part of Hyderabad, including the once insignificant Gandipet area and 50 km beyond Mokila and other such areas, is doing very well, with demand going up exorbitantly.
According to C Shekar Reddy, chairman, CII Indian Green Building Council, Hyderabad, and former national CREDAI president, there are a lot of positive sentiments, as the State government was pro-active and encouraging a lot of industries. New ventures, including software, manufacturing, pharma, hardware, aircraft industry and many existing projects are also going in for expansion. As a result, there has been an increased demand for land. Employment is being generated resulting in demand for homes.
Reddy says: "a large number of people from Andhra Pradesh and from various parts of the country are investing in Telangana due to affordability, good environment, when compared to other cities. Peace, good law and order, better infrastructure, like radial routes, Outer Ring Road (ORR), are all encouraging people to invest in Hyderabad."
Furthermore, real estate experts have mentioned that affordability of home loan is an important factor for prices booming in the City. Even the government has come up with a grid policy under which they are encouraging industry to shift beyond the City.
According to officials, the grid policy is where industries can leave the City and go beyond the existing lands, which can be given to the IT sector and suitable for housing.
It is believed by several real estate entrepreneurs that an industrial area can easily be converted into a residential and IT-corridor. Shekar Reddy said ORR was helping people to reach places in a short time. This has become advantageous for people to invest in the periphery of Hyderabad.
He remarked that even some areas which were considered rural have now become semi-urban as a result of land prices going up multi-fold. The announcement of NIMZ (National Investment Manufacturing Zone) which is attracting industries, like defence, aerospace, food-processing, electric equipment, electronics, metals, among others, is one of the milestones for prices to go up. Reddy shares that despite Covid-19 the land prices are shooting up and the real estate sector is booming.
