NRIs prefer Hyderabad to buy property
This trend of investing in Hyderabad was mostly by NRIs from Dubai, Singapore and Hong Kong and they preferred to invest in ventures around Shamshabad, Patancheru, Gandimaisamma and other areas.
Hyderabad: Not just buyers from other cities and States, even many NRIs were buying property in Hyderabad considering different aspects, including infrastructure, cosmopolitan culture, law and order and others.
Many NRIs, who are planning to settle in India, were buying properties in Hyderabad. This trend of investing in Hyderabad was mostly by NRIs from Dubai, Singapore and Hong Kong and they preferred to invest in ventures around Shamshabad, Patancheru, Gandimaisamma and other areas, DEV Constructions Managing Director Sanjay Kumar Bansal said.
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In tune with NRIs, many employees and investors from different cities are buying properties in Hyderabad.
With both husband and wife working and staying away from native places, many IT employees from different cities were buying flats in the city, considering quality education, transportation and other factors. Similarly, businessmen and other community people from Bihar, Ahmedabad and other places were also buying properties here, said CREDAI Hyderabad members at a press conference here on Thursday.
This practice of employees and businessmen buying flats and other properties in Hyderabad was registering a growth of three to four percent annually, they said.
Ruling out slowdown in real estate market in the city, newly elected CREDAI Hyderabad president V Rajashekhar Reddy said according to a latest report, Hyderabad had registered 260 per cent growth in luxury housing segment in the last nine months. The city also recorded the highest new office completion and absorption in the country with 2.9 million square feet of office space transacted in third quarter of 2023, he said.
“Like all these years, we expect the Telangana government to continue its support to CREDAI in the next term as well and help us further boost the brand image of Hyderabad” Rajashekhar Reddy said.
No water scarcity
A builder from Hyderabad, who is executing different real estate projects in Bengaluru, said it takes two to three years to get water connection the Karnataka capital while it takes just two months in Hyderabad.
The issue in Karnataka was mainly due to lack of water and the River Cauvery water dispute. Builders had no choice but to exploit groundwater in many areas of Bengaluru. Even the residents were aware of the situation, said the builder, who is executing a project in Anekal area in Bengaluru.
In Hyderabad, there was plenty of water available in any area, irrespective of west zone or east zone and the water board gives connections in just two months. In addition to this factor, road connectivity was another biggest challenge. Unlike in Hyderabad, the road infrastructure in Bengaluru was poor and this was forcing builders to compromise on many fronts in providing amenities in the projects, he pointed out.
