Real estate market quite stable in Hyderabad: Ravinder Rao

Hyderabad, October 24, 2017:  Real estate market concerned Hyderabad was quite stable as compared to other cities in the country and moving forward, Telangana Real Estate Developers Association (TREDA) president P Ravinder Rao said on Monday.

Talking to newsmen here in connection with three-day 8th TREDA Property Show to be held at HITEX here from October 27, Mr Ravinder Rao along with Executive Vice-President P Chalathi Rao, Secretary General Sunil Chandra Reddy, Treasure K Sridhar Reddy said Hyderabad was one of the most affordable market in the country as compared to other Metropolitan cities like Chennai, Bangalore, Mumbai, Delhi. With the available infrastructure, Hyderabad have great future and will grow next two to three years, he said.

Reacting the impacts of demonetization, Real Estate (Regulation and Development) Act (RERA), Goods and Service Tax (GST) on real estate market, Mr Rao said some people says that the three were 3 tsunamis. One more also there that was Insolvency and Bankruptcy Code (IBC).

“It is very good tool but dangerous. We have to welcome changes. Over a period of time business will run on the basis of transparency and confidence. So these measures are introduced by the government to increase transparency and increase confidence of the public in the business entities . So initially there are some problems. In the compliance issues, government has good intension catching it forward. As an industry body TRADA welcoming and supporting all these moves,” he said.

On impact concerned, Mr Rao said “The investments flowing started in the market. Growth wise up take in commercial space. In commercial space occupancy wise Hyderabad as No 1. In some of the quarters as No 2. As per TREDA report now the commercial space occupancy is 50-60 million sq feet as compared to 30 million sq feet in 2014. This shows as higher demand for commercial space as well as domestic market, he added.

Over 93 real estate companies, 12 Banks & financial institutions and 12 suppliers will display their range of properties /offerings suited to various classes of customers. Well-known financial institutions like State Bank of India, LIC Housing Finance Ltd, HDFC Ltd, ICICI Bank Home Loans, India Bulls Housing Finance, Bank of India will set up their stalls in the property show.
United News Of India