Hyderabad Realty Market is dynamic

NAREDCO Telangana President B Sunil Chandra Reddy has made it clear that the Hyderabad real estate sector maintained its stature in 2022 in spite of increasing cost of construction. Speaking to REG News on the market trends in 2022 and the direction the real estate sector is going to take in 2023, he opined that the upper segments helped the market to attain full swing. The sale of properties worth Rs 1 crore and above maintained their rally. On a monthly basis, the Hyderabad market grew by 28 percent. He put the total value of the registration of properties done in November at Rs 2,891 crore.

In spite of the geo-political situation, increasing rates of interest on house loans and inflation, the market for residential properties in the city proceeded on an optimistic note in 2022. In the year, the IT firms resorted to large-scale recruitment. Increased work from office culture pushed up the demand for office space. In 2023, the rise in employment, commercial activities and income levels is predicted. They automatically push up the demand for houses. Everyone realised how important is to own a house, rather than renting an apartment, during the Covid-19 pandemic situation. Because of the Covid-19 situation, people started modernizing their houses. That is why, the year 2023 would see a dynamic real estate market, he felt.

Improving basic infrastructural amenities on a fast note, development oriented policies of the state government, government offering various incentives to attract investments in IT, electronics, defense products, pharmaceuticals, data centers, manufacturing units and R and D divisions are some of the factors that will positively influence the market in new year.

According to the Oxford Economics and World Economic Forum, the city of Hyderabad was adjudged as the fourth fastest developing city in globe. The GSDP of Telangana is expected to cross $ 200 billion by 2035 as against the $ 50.6 billion in 2018. According to business reforms action plan of 2019, the Telangana state was ranked number three. The Niti Ayog ranked the state number one within the performance sector. On the whole, the state ranked number two in the country. The noted real estate agency JLL city momentum index, the city of Hyderabad ranked number two in globe. It ranked number one for the past six years in the category of the most livable city. The city market is progressing with a lot of major expectations; he said and called upon one and all to work hard for development of Telangana.