New Delhi, August 02, 2018: In the last 2 years, the real estate foundation underwent major transformations with steps like RERA (Real Estate (Regulation and Development) Act) and GST. The introduction of these developments impacted the real estate market stability of major metropolitans like Delhi, Mumbai, Bangalore, etc. However, the real estate of Hyderabad tells a different story. Not only did its market remain stable throughout the time, the first half of 2018 has witnessed a growth in Hyderabad real estate.
According to experts at Modi Builders, one of the leading developers of Hyderabad realty, property sales soared by approximately 30% during the span of 2013-14 to 2017. On the other hand, the remaining 7 major cities have witnessed abrupt falls in real estate market. Delhi’s realty suffered a sales downfall of approximately 65%.
The reason for the unparalleled stability of Hyderabad’s realty market can be traced back to 2014, when political instability finally came to an end. The government has shifted its focus towards public infrastructure with Hyderabad Metro Rail and elevated corridors. These developments enhance connectivity, and increase the value of a location’s real estate. More than 8,000 units have been sold in the first half of 2018. Furthermore, this serves to be an attraction for corporate companies to set up shop in the city.
Major realty players like Lodha Group, Modi Builders, Ashoka Developers, etc., have capitalized on the available land with residential real estate projects. The developers aimed at establishing affordable housing alternatives for people from all walks of life. The strategized location of these projects served the purpose of working professionals, and the amenities made them suitable for families. New security technologies and state-of-the-art facilities made these endeavors an overall success. West Hyderabad is a shining example with almost 70 per cent new launches and a year-on-year decline of about 40 per cent in unsold inventory.
Apple, Amazon and Microsoft have a combined of space of around 4 lakh sqft in the IT hub areas of Hyderabad. This speaks volumes about the job opportunities and corresponding influx of people in the city. Gachibowli and HiTec city are the premier areas for commercial estate.
A lot of companies from across the globe are looking to investment in Hyderabad. Simultaneously, professionals are preferring this job location because of abundant opportunities and comparatively lower rents than the Silicon Valley of India.
The amalgamation of all these factors have contributed to the boom of Hyderabad real estate. With 8 per cent year-on-year price growth and favorable conditions of this city, it will not be an understatement to say that the rise in the following years would surpass all expectations.
Corporate Comm India(CCI Newswire)