Real estate sector hopes of revival during Dasara dashed
Typically, the Dasara season is viewed as an auspicious time for buyers, builders, and developers, with a notable increase in inquiries and bookings for new properties, including flats and plots. However, this season, the real estate sector, particularly in Hyderabad, has seen a lack of enthusiasm and activity.
Hyderabad: The elections are done and dusted and it has been ten months since the Congress government came to power and yet the real estate sector is still going through a lean patch in the State.
More so, all the hopes of builders and developers that the sector would revive during Dasara festivities are dashed due to poor response from buyers.
Generally, Dasara season is considered auspicious by buyers, builders and developers as well. During this period, the enquiries to purchase new properties, including flats and plots increase and so do bookings.
However, this season, there is not much of a buzz in the real estate sector across the State, particularly Hyderabad.
Apart from apprehensions among consumers following HYDRAA demolitions, government’s approach towards the sector, lack of positive energy, delay in building permission approvals, builders and developers list out different reasons for the sluggish revival of the sector.
The systems in place were not functioning to the expected level. There was no clarity on Dharani portal or Bhoomatha as announced by the State government. Considering all these factors, the consumers and the market on the whole was adopting a wait-and-watch mode, said Praneeth Group Managing Director Narendra Kumar Kamaraju.
On whether consumers and builders were eyeing Amaravathi for investments, Narendra Kumar said it was not the case. It was a long way for Amaravathi and not much action can be expected for at least for next four to five years, he said.
“Due to the temporary ambiguity, wait and watch mode, time is getting still extended. I don’t see markets reviving not before 2025 or mid 2026,” Narendra Kumar said.
Expressing similar opinions, IRA Realty Managing Director Narsi Reddy said generally enquiries should go up from July end. Though, people consider Ashadam as inauspicious, the enquiries in Shravanam were not encouraging. Just when things started to gain pace, HYDRAA cast an impact and there was lot of negative sentiment among customers, he explained.
More than flat sales, open plots sales are generally the first affected segment. Buyers are not keen to make any enquiries and many big players in the field have even shut down their offices in a few areas because of poor enquiries and sales, said Narsi Reddy.
Making a few suggestions, he said the government should consider real estate as one of the key development factors in the State. It was also one of the major industries, which is part of Telangana’s growth story as a lot of employment was generated, besides contributing revenue for the government, he said, adding that driving positivity in the market was key.
