The city led institutional investments during Q1 2021 pan-India, says CREDAI
Hyderabad: Real estate trends in Hyderabad, along with the growth of market here, has flummoxed most pundits, with Confederation of Real Estate Developers Association of India (CREDAI) members saying that the overall real estate growth in the city in the first half of 2021 was already well above the national average.
“The real estate growth in the city during the first half of 2021 has been well above the national average considering all asset classes. The city led institutional investments during Q1 2021 (January-March) pan-India accounting for a major share of total investments in the sector,” said P Ramakrishna Rao, president, CREDAI Hyderabad. He was speaking on the sidelines of the 10th Edition of the Hyderabad Property Show that began at HITEX on Friday.
“Due to the work from home trend influenced by the pandemic, the Hyderabad residential market for larger homes has witnessed abundant growth. According to a report by Knight Frank India, new home sales in Hyderabad witnessed a significant 150 percent growth year-on-year (YoY), despite the pandemic,” said V Rajashekar Reddy, general secretary, CREDAI Hyderabad.
And behind this trendsetting growth, CREDAI members say, are the innovative policies of the State government like TS-iPASS, TS-bPASS, all of which have been game changers. The State government’s support too has played a vital role in helping the industry tide over challenging times especially during the crisis triggered by the Covid-19 pandemic, they said.
“TS-iPASS, TS-bPASS, etc., have played a significant role in ensuring ease of doing business in the State,” pointed out Ramakrishna Rao. Proactive governance, ensuring ease of doing business and attracting investments across the sectors saw that Hyderabad remains a desired location for businesses, said Rajashekar Reddy, adding that the focus of CREDAI and its members would now be on developing affordable projects in the city and across the State.
“Apart from focusing on premium segments, we have also decided to focus on the affordable segment. Time has come to focus more on the affordable segment and to do so, we need support from the government,” Reddy said, hinting that incentives and land banks would help.
Scores of people thronged the 10th Edition of the Hyderabad Property Show that was inaugurated by Roads and Buildings Minister Vemula Prashanth Reddy here on Friday. The three-day event at Hitex is showcasing the best possible choices of residences and workspaces, with over 15,000 properties on display.
To comply with COVID-19 safety measures, the number of stalls has been reduced from150 to 100, with wider corridors to maintain sufficient social distance.Temperature checks at the entrance and sanitization stations are made available. Representatives of companies were seen explaining their projects to customers. Most of the stalls had screens to showcase their projects.
Speaking at the inauguration of the show, CREDAI Hyderabad president P. Ramakrishna Rao, said the State government had stood by them in challenging times. “The Government has permitted the payment of permit fees, betterment, development, and capitalization charges in installments. We have also worked closely with the government for permission for podium parking, which will have a significant impact in reducing the cost of construction and reducing the risk of flooding,” he said.
“We also request the government to schedule a quarterly review meeting with all stakeholders for TS-RERA, to review the progress and resolve the issues,” he added.
CREDAI Hyderabad general secretary V Rajashekar Reddy, said real estate prices might increase in future. “The 10th CREDAI Hyderabad Property Show is the most credible property expo. Based on the fundamentals of the city and the plans for future development, the property prices could increase by as much as 30-40 percent inthe next few years,” he said.
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