King Johnson Koyyada: With a supportive State government in Telangana, the construction sector continued to prosper in 2021. Although it was a bit uncertain initially, the real estate market gained momentum afterwards. People from neighboring States have flooded the market with huge investments and purchased large tracts of land here. Though some fraudsters too entered the real estate sector to mint quick money by taking advantage of the josh in the market, buyers appear to have acted wisely and are keen to purchase only ready-to-move-in properties from the developers. Thus, several construction companies are terming the year 2021 to be a super hit for the real estate sector.
The newest Josh in 2021
Though the market remained uncertain for the first three months of the year due to the Corona pandemic, the change in the market was evident after March. Since then, home sales have increased and the market has been buzzing with a whole new josh. This trend continued until mid-September. Buyers purchased properties in an unprecedented manner. Subsequently, with the commencement of UDS and pre launch sales, there was an influx of investors and property prices were on the rise. As a result, genuine buyers got confused and some of them were even forced to postpone their plans. Between December 15 and January 15, the number of buyers of flats is expected to drop significantly. However, the market will witness significant improvement in its growth trajectory thereafter. There are about 800 builders in our TBF. They are all carrying out constructions in different areas.
– Prabhakar Rao, President, TBF
A stable government
The overall performance of the construction sector in Telangana has been better in 2021. The State government attracted investments from national and international companies, with several new industries coming up in the State during the year. The main reason for these investments could be a government which improves infrastructure constantly and strives for development. Initiatives like TS-iPass and TS-bPass introduced by the Telangana government have created positive conditions in the real estate sector. Even in bad times like the Corona pandemic, 40 percent of the world’s bulk drug exports were done from Hyderabad.
– Sunil Chandrareddy, General Secretary, TREDA
The Dharani Tribunal should be established
The Covid-19 second wave had an adverse impact on the construction sector to certain extent during 2021. Sales got affected in October which could be attributed to the festive season, but the market bounced back to normal activities in November, with the majority of builders registering good sales. In 2021, the Dharani website caused many problems especially in the districts of Rangareddy, Medchal and Medak. There is no proper mechanism to deal with the problems arising out of Dharani website. Many mistakes have been made in the process of digitizing the manual records. As this is not the fault of the land owners, the government must constitute a tribunal in each district to address these issues immediately. All land issues should be resolved within three to four months.
– Ramakrishna Rao, President, CREDAI-Hyderabad
Survived Covid-19 pandemic
In 2021, the market has been better in Telangana compared to other States. The basic standards have been maintained and hence, there has been no major adverse impact of Covid on the construction sector. Further, the IT, pharma, and agriculture sectors are also doing well. While the Work-from-Home culture has picked up pace, several IT companies have even announced bonuses to their employees. Some States which hugely relied on the industrial sector, suffered losses. Compared to last year, the sale of flats and plots have increased considerably in 2021. In fact, land prices rose during the Covid period, but the shortage of labor also increased. Growth rate in Telangana is better than expected. Hence, some unruly elements entered the construction sector and tried to dupe home buyers for quick money. But we are trying to repel such evil forces.
– GV Rao, President, Telangana Developers Association
