Hallmark Infracon MD Gopalakrishna believes that though the construction sector in Hyderabad had stumbled initially due to the Corona pandemic, it had gained foothold later. Speaking to Real Estate Guru on the occasion of getting RERA approval for the Hallmark Imperio Luxury Villa project, he predicted that the Corona third wave would not have a major impact on India. But it might have an impact on Hyderabad’s real estate sector, if the pandemic intensifies in countries of Europe and Arab as well as the US. Otherwise, the local realty market would only grow, but is unlikely to decline in near future. He said if UDS and pre launch projects are not completed, the buyers in these projects will be severely affected. Excerpts from his interview:
Due to the Corona impact, there is a significant increase in the number of buyers of spacious flats, private homes, and farm house layouts. Due to the lack of demand for real estate in Andhra Pradesh, investors from Vizag to Tirupati have flocked to Hyderabad. Traders and expatriates who went to Andhra Pradesh for investments, have started returning to the city’s market. Most of the plots from Shankarpalli to Zaheerabad stretch, were bought by investors from the Coastal Andhra Pradesh areas. Many traders and industrialists from other States also started purchasing properties in Hyderabad in view of the improved medical facilities here. However, a higher percentage of homebuyers are buying because of lower interest rates on home loans.
The main reason for the rise in land prices in Hyderabad city is definitely pre-launch sales. These pre-launch sales have increased due to the unlimited Floor Space Index (FSI), which in turn gives scope for larger built-up area in smaller land parcels. Due to the expansion of Shamshabad Airport, improved infrastructure, connectivity to all national highways and the fact that there will be no shortage of drinking water for the next 50 years, the number of people focusing on Hyderabad is growing everyday.
UDS and prelaunch sales are not good for the construction industry. Some people are getting lured by lower prices and buying properties. But there is no guarantee for buyers’ money. Those who have the greed to make money overnight, have entered the realty sector and are selling properties under UDS/pre launch schemes. Such people will not stay in the market in the long run and are putting the market at risk of collapse. Hence, the government should prevent such illegal realtors, otherwise the government revenue also will fall. The RERA Authority should take action against them. The Registration and the Vigilance departments should focus on such scams. UDS sales should be prevented by the Registration department itself. Buyers of plots and flats should be cautious as such scamsters are always lurking around.
We are currently building two villa projects – Hallmark County and Hallmark Imperia, in close proximity to the Financial District. The slab work of 171 villas under construction at Hallmark County has been completed. Plastering and elevation works are in progress. The Imperia project will have all high-end villas. The slab work of 130 villas is in full swing. They will be completed as per schedule and handed over to the buyers.
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