Hyderabad housing market all set to grow say realtors
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Despite an over 50% drop in business during the economic slowdown, the real estate market in Hyderabad has seen a decadal growth of an average 29% between 2000 and 2010. In fact, the National Housing Bank index pegs the market's rise at an impressive 86% between 2007 and 2012, notwithstanding the turbulent times the city has seen in between.
"This only establishes Hyderabad as a prospective investment destination. Also, currently it is the cheapest among all the metro cities," P Premkumar, president of the Andhra Pradesh Real Estate Developers' Association (APREDA), said on Tuesday. He was speaking at the launch of the organisation's third annual property show slated to be held at Hitex between November 10 and 11.
The two-day event is expected to attract participation from over 250 builders and about 15 housing finance institutions. According to APREDA's estimates, at least 60,000 denizens are likely to visit the show that had ended with about 1,500 bookings last year. "This year, the numbers are sure too shoot up," a member of the group said.
Dismissing apprehensions over the realty market in the city hitting a point of stagnation, market analysts present at the meet said that although the industry had been slowing down it was now steadily bouncing back to normalcy. "We can easily expect a 10-15% jump in the sale of residential units this year," said Sandip Patnaik, managing director-Hyderabad of Jones Lang LaSalle (JLL) that is partnering a conference, to be held alongside the property show, in association with APREDA. Quoting from JLL's findings, Patnaik added that commercial space occupancy would be a high 4.3 million square feet (sq.ft) this time. Last year, the absorption was 5 million sq.ft. "That drop was only due to the space crunch, especially in high-demand areas like Hi-tec City. There is no dearth of takers," he asserted.
The conference titled 'Real estate - Accelerating the growth story' will be held on November 10 and have both national and international speakers talking about various aspects related to the real estate sector. From better marketing strategies, especially through the worldwide web, to funding of realty projects, the conference is likely to touch upon issues pertinent to the industry at the moment.
"We will also have speakers talk about the Indian real estate scene, with special focus on the Hyderabad market. This will give industry players a better roadmap on how to take their businesses forward," said Mitesh Kulkarni of Bangalore-based Mantri Developers. The APREDA member said that the conference was a first of its kind to be held in the city alongside a property show.
To lure buyers to their stalls, many of the participating construction companies have thrown in attractive prizes that ranging from television sets and refrigerators to cars and foreign trips. The range of properties on display is likely to be anywhere between Rs 1,900 per sq.ft and Rs 4,500 per sq.ft.
Source: Times of India
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