Kritika Khanna
The residential real estate market in Hyderabad is witnessing an increased demand. This comes after the stagnant phase that lasted for a couple of years that had resulted from the implementation of new reforms. The effects of demonetization and RERA seem to be diminishing, as the sector is settling down in the second phase of 2018.
The recovery is led by softer property rates and new projects in the city. Real estate developers like Modi Builders are coming up with new projects across the city that are attracting a number of buyers within and outside the city as well. These new projects are fully equipped with all the latest amenities and are constructed at a strategic location. All the new projects are in close proximity to the renowned hospitals, schools, banks, etc.
The residential real estate sector has been further boosted by retail and e-commerce boom, financial services and manufacturing units, which have created numerous job opportunities in the city, leading to an increased demand of residential apartments. On the other hand, big-scale infrastructure projects, metros, MMTS, etc., are driving people towards the city, leading to an increased sale of small to medium residential apartments.
Apart from this, the luxury housing demand is also increasing with a good number of IT professionals from the US and other countries returning home with the change in visa norms. Many high-class professionals are moving to Hyderabad from other parts of India as well.
The policy changes and political stability have added to the advantage of living in this South Indian city, thereby increasing the demand of residential real estate units. Some of the top builders in Hyderabad like Modi Builders have constructed various luxury projects in the city that offer un-matched facilities and comfort.
Experts have predicted good times ahead for the residential real estate sector in Hyderabad. According to them, it is the only metro city in the country that has reported an increase of 32 per cent in sales between 2013-14 and 2017. The city hasn’t disappointed sellers and buyers even in a lean period.
The presence of multinational companies has helped the market immensely. Global heavyweights like Amazon, Microsoft, Apple, Google, Wipro, Infosys, etc., are driving the interest of people day in and day out.
Interestingly, property rates have not been affected by the growing demand at all. The residential real estate market of Hyderabad remains the most affordable market as compared to other metro cities. Both the middle class and luxury housing projects are available at decent rates.
A recent study has found that 8,550 residential housing units were absorbed in the first half of 2018, a 26% jump from last year. The situation not only presents a great opportunity for investors and buyers, but also for real estate developers like Modi Builders, who have been making their presence felt in the residential market of Hyderabad in the last 5 years.
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