Hyderabad: Having faced the brunt of political uncertainty leading to stagnation of properties in and around Hyderabad, realtors are now gearing up for a spurt in property transactions in the coming days, especially during Karthika Masam, set to start after Diwali.
According to astrologers, Karthika Masam, which is considered auspicious for property transactions, begins on the day after Diwali (October 23) and extends for the next 30 days.
As per Stamps and Registration department figures, property transactions have already shown a growth of 20 per cent in Hyderabad and Ranga Reddy districts.
“Compared to July and August, the revenue generated in September through stamps and registration sales is 20 per cent more and Hyderabad and Ranga Reddy district achieved 73 per cent target against the general 50-55 per cent in the previous months.
The total revenue collected from April-September was Rs 1,230 crore,” said an official with Telangana state Stamps and Registration Department.
Realtors and property developers attribute this growth to the restoration of political certainty in the state, which the investors and buyers were waiting for since the last few years.
P. Dasrath Reddy, president of APREDA, said, “There was a slump in the realty sector in Hyderabad and Telangana region owing to political uncertainty. Many investors and buyers were observing the situation and waiting for the new government to form.
Even after formation of the Telangana government in June, buyers were resorting to negotiations assuming a fall in demand for properties in Hyderabad post bifurcation. However, there is a positive response to brand Hyderabad,” he said, adding, “We hope that the market will get in full swing by December this year.”
The upward rise in the property market is despite a 20 per cent rise in construction cost compared to last year. A. Basavaraj, a Hyderabad-based civil engineer and contractor for buildings said, “There has been a rise of 20 per cent in construction cost against 2013 due to hike in construction material like cement, sand and steel.
However, there is no fall in construction activity.” Sand price saw a hike of 25-30 per cent touching Rs 2,000 per ton.
