Despite Covid, real estate sentiment inches up in Hyderabad
Irrespective of commercial or residential structures, Hyderabad appears to be the first choice for many
Hyderabad: Overcoming the challenges posed in the wake of coronavirus pandemic and the lockdown, the real estate sentiment in the city appears to be undeterred and continues to be moving upwards.
The results of recent surveys done by different consultancy companies and those involved in real estate affairs stand a testimony to the market mood in the city. Irrespective of commercial or residential, Hyderabad appears to be the first choice for many.
But what are the factors that are driving the real estate sentiment in Hyderabad amidst these challenging times. CREDAI Hyderabad General Secretary V Rajashekhar Reddy cites government commitment, vision, infrastructure development as some of the prime factors.
For any city or State to prosper and register steady growth, government’s commitment and vision are key factors. In terms of Hyderabad’s real estate scenario, since last five years, the city has been ranked top in global City Momentum Index, and Hyderabad is ranked as best place to work and live and another consultancy company says Hyderabad continues to lead in commercial space absorption.
“All these rankings and studies mirror the State government’s planning and vision to make Hyderabad a global city,” says Reddy.
To begin with, top priority here is accorded to road infrastructure through Strategic Road Development Programme and several flyovers, underpasses and other structures have already been thrown open to public and many more were in the offing, he points out.
On the other hand, there are reports that Chief Minister K Chandrashekhar Rao will be laying foundation stone for a reservoir, which is being built exclusively to meet the drinking water requirement of the city for the next 50 years, he says adding, “all these steps cumulatively helped Hyderabad dominate the real estate scene”.
On a par with Information Technology, the State government is focusing on industrial growth too. Already, international companies have set up their units, pharma city and medical devices park, which boosts the city’s growth further, says Reddy. These factors were making many MNCs opt for Hyderabad over neighbouring metros.
“The government has rightly taken a perspective of all round growth of the city without remaining confined to a particular zone. Perks and incentives for companies to set up units in other zones will help fuel more aggressive growth of the city,” Reddy adds.
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