Hyderabad: NAREDCO Telangana executive vice president Prem Kumar has predicted that the real estate operations will reach full swing only after 2022 continuing the present slump in the business till December this year. Advising people to avoid contracting the Corona virus adopting precautions, Prem Kumar, who discussed the future prospects of real estate in Hyderabad after the lockdown, observed that the second wave impacted the realty sector adversely. However, on last Saturday and Sunday many thronged his real estate project in Kukatpally unlike earlier times when hardly two or three people visited his project office and made enquiries.
Those who have enquired about the project may buy property or my not. However, they are likely to buy property in some other project. People have mustered courage to come out and enquire with builders as the severity of the pandemic situation is decreasing. Now, slowly they are going into investing mode. Earlier, if they have had Rs 20 lakh savings they used to give a portion of it as advance to builders and used to pay the balance through loans. Till the other day, they dreaded to set their foot out of their homes. Now the problem is over. Therefore, they ventured out to enquire about properties on sale.
Before deciding to buy property, they inspect the prices of properties in surrounding areas. They enquire about builder and check whether the builder would be able to deliver the property on time. Then they will buy property in a month. Only5 per cent of the enquiries are converted into business deals, he said ruling out crashing of sales.
The market will be rosy only after third wave
Because of work from home, many employees backtracked on buying properties. Because of Covid-19, some employees left the city for their native places vacating homes here. That is why there are to-let boards appeared everywhere. The market will become vibrant only after resumption of offices. Till the third wave, the market will remain dormant, he said. Only 50 per cent of the investors buy homes, while the rest of them will try to settle down here. Under the current situation, investors evince no interest to buy properties irrespective of third wave or no wave.
Since 1998, he said, he is active in realty sector. So far, he claimed to have completed 30 projects, all of them are developed in less than an acre. Currently, he is executing Prem Sarovar Emerald Project in Kukatpally. In Matrusri Nagar, he is building Prem Sai Serene project, having 40 residential projects. In 2022, he has plans to launch many more projects.
