The State government is developing infrastructure not only in West Hyderabad, but in various other parts of the city. As a result, multinational companies are setting up operations in the city and hiring new employees. Due to this, people from different places are coming to Hyderabad to establish a permanent residence here. For this reason alone, compared to other cities, the number of people buying a permanent residence in Hyderabad is rising significantly, said Cheruku Chaitra, Chief Operating Officer of RV Nirmaan. She was confident that the realty sector will perform better in 2023. Excerpts from her interaction with REG News.
The market slowed down in the second and third quarters of 2022, with buyers adopting a wait-and-see approach. But later, those who are determined to set up a permanent residence in Hyderabad, visited the projects in the last quarter of 2022 following which property sales have improved in Hyderabad. Compared to 2021, the construction cost has increased by around 20 to 25 percent this year. The Russia-Ukraine war and inflation have damaged the construction material supply system. As a result, the prices went up. At the same time, land prices also increased. There is a shortage of skilled construction workers and as a result, wages of available workers have been increased. Consequently, the construction costs have escalated resulting in price rise of flats in Hyderabad.
We are constructing projects in all premium locations in Hyderabad. For the past 30 years, our company has undertaken projects in strategic locations. Our company is credited with providing quality structures at affordable prices to the buyers. In some quarters of this year, despite the sluggish market, there has been no drop in sales in any of our projects. We sold more flats than expected.
The construction works of six projects currently taken up in the city, are in different stages. RV Somwrita Premium Villa Community is completed at TSPA Junction, enabling buyers to take possession immediately after buying the villa. Construction of RV Akshobhya completed in Bandlaguda Jagir and buyers can own flats without paying any GST. Only a few two bedroom flats are available for sale in RV Aadvik in Jeedimetla. The construction of the high-rise project, which was started on four acres in Miyapur, is in the initial stages. After a gap of about 20 years, we are re-entering East Hyderabad where we launched a high-rise luxury project called RV Uddiipta at Karmanghat. A premium luxury project named RV Vibhuman will be launched in Kondapur very soon.
We hope that 2023 will be better for Hyderabad’s construction sector. Ready-to-move-in projects are in good demand in the current scenario. We don’t have that much inventory. We received RERA approval for RV Vibhuman project in Kondapur and preparations have begun to launch it soon. We are making plans to build a villa project on 20 acres in Raviryala near Tukkuguda. There are also plans to start second phase apartments in Miyapur.
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