Hyderabad: Real estate players see a high growth in business as there has been an increase in the number of inquiries for various projects in Telangana and Seemandhra.
According to real estate bigwigs in Hyderabad, an estimated 70,000 units are in various stages of construction and will be ready in three years. Out of these, at least 45,000 units will be completed in about 12 months. The average price is about `2,500 to `3,000 per sq ft in peripheral areas. However, these areas do not have good infrastructure, like roads and drinking water.
Former CREDIA president, G. Yoganand, said, “The government should now focus on beefing up external infrastructure in these localities.”
Visakhapatnam will see greater benefits due to the bifurcation of AP as demand is expected to grow faster there. The price appreciation will be higher than in Hyderabad.
With the return of a stable regime at the Centre, the property development industry in Hyderabad has acquired a good amount of confidence.
There is increasing interest in general and more people are coming out to buy properties in Hyderabad now. There are expectations of an increase in property prices as well.
Real estate prices in Hyderabad will rise in a period ranging from 18 to 24 months.
The price rise will be about 15 per cent. The Hyderabad market has not seen many transactions in the last eight to 12 quarters as there was no clarity on the statehood issue. However, since February 2014, sales have started increasing and builders are now focusing on completing pending projects.