Boom in realty sector will be certain!

NAREDCO Telangana Executive Vice-President Prem Kumar has said that the realty sector will pick up momentum in near future. We will see all those who have consolidated their position are going to claim a big share in the market. If the current situation is any indication, the demand will never vanish, he said identifying two or three reasons for the boom in the market.

Firstly, the atmosphere is very congenial now because of the low rates of interest on housing loans and the government pushing the economy on the growth path. The market will continue to remain stable for another two years. Secondly, people have understood the dire necessity to own a house in the light of the Covid-19 situation.

The affordability of the buyer has increased due to reduce rate of interest on housing loans. On the other hand, he developers are offering good solutions to buyers on finances and funding their dreams. The time is ripe for the people to buy property, he said identifying reasons for regeneration of demand. The demand for properties will begin here. The only challenge is consolidation in the market, he said. Residential houses and developed plots will enjoy good demand, he said and the current situation would help grow those who are already consolidated in the field further.

The demand would pick up gradually for commercial real estate. People have started reporting for work in offices. The vaccination programme is going to be concluded by the end of fiscal year. In this backdrop, the market for commercial properties will pick up and enjoy huge demand, he remarked. He exuded confidence that the market will grow leaps and bounds in the next two years. He said that he is executing construction projects across Hyderabad and maintained that they all enjoy good demand from buyers.