The growth of Hyderabad’s realty market
By Hari Challa,Managing Director,Aliens Group
[ source : 99acres ]
Hyderabad is now home to some of the largest organizations in India which includes defense, pharmaceutical, educational and IT organizations. In fact, Hyderabad has established itself as one of the biggest IT hub in the country. With a world class infrastructure which consist International airport & metro connectivity, the city has been successful in attracting the multinational workforce. This has led to the rise in the demand of office spaces and residential units subsequently.
Gachibowli has witnessed astounding transformation & development in the terms of real estate activity. It is a market comprising of a 15 Km stretch from Nallagandla-Tellapur to Manikonda. It is located just 6 Kms away from the Hi-Tech city. It has emerged as a popular IT, banking & financial services hub as companies like IBM, Microsoft, Infosys, UBS, Franklin are present here. Moreover, with the presence of top institutes like ISB, IIIT and NITH it also has been emerging as an educational & cultural hub.
Due to the increased demand many builders are now developing the residential spaces using new technologies, providing all the modern amenities which are not available even in the most developed cities of the country yet.
With the ample availability of space developers are building spacious flats with home automation & IOT features.
IGBCs (Green Buildings) are being constructed which consumes less energy, water and natural resources, creates less waste & are healthier for living.
Constructions are being done with the maximum glass usage which gives 360 degree view & abundant sunlight.
Builders are providing the flat enhancement solutions with the best interiors.
With the club house features, there are private corridors, pools, sauna & spas and elevators.
Lot of space has been allocated to the parks, pocket gardens and sky gardens.
Roads are broad and there is a lot of space for the parking inside and outside the projects to avoid any sort of vehicle congestion.
There are lakes and lot of greenery in the area which makes it ideal for the living.
How Real Estate Sector could give a major comeback in Indian Realty market?
For the last few years, the residential real estate market has seen a downfall in the demand, due to which the number of unsolved inventory has increased over the time. The imbalance between supply and demand in term of the price has led to rise in unsold inventory levels. This has eventually led to the correction of prices in the market.
With the introduction of The Real Estate (Regulatory & Development Act), 2016, The Real Estate Regulatory Authority (RERA) set under the law, addresses issues related to the real estate market. This has led to the fairness and transparency to the process and encouraging the ultimate buyers to invest their money being more assured.
The economy is also doing well and the GDP is also growing steadily. The current scenario is improving for the real estate. Since the job creation and commercials are growing, the demand for residential estate is increasing. So, with the rise in income of buyer and lower price in the realty market, The real estate sector is making a comeback.
2018: The best time to invest in the Real Estate Market:
The implementation of RERA &GST has taken the Real Estate Sector in a right direction. Clearly it is a buyer’s market right now but not for long. 2018 is the best time is the best time to invest in the Real Estate. At present, Developers are focused on completing their ongoing projects instead of launching new projects. This means the demand and supply will meet somewhere at the equilibrium soon and prices will go up there after. So, Prices being at the lowest this is the high time to invest in the real estate market.