The Covid-19 induced nation-wide lockdown brought the country’s economy to a standstill. Like numerous other industries, the realty sector has also been adversely impacted due to it. The unavailability of migrant workers coupled with the rising cost of materials was an additional blow to the industry. Projects were stalled, delivery dates were delayed, and many buyers postponed their call to book a property. As per the reports, the sales were dipped in the Q1 2020.
After the month of June, the construction activities were resumed in a phased manner across states. The RBI’s announcement on lowering interest rates, the slash in the stamp duty and registration charges and the six months’ loan moratorium seemed to have helped the sector significantly.
Reports show that recently Hyderabad has witnessed more property related queries as compared to the March-June period. “Although the buyers were a little uncertain initially, these hard times have made a number of people realize the need and importance of owning a house,” says a property expert at Modi Builders. He adds that lower interest rates on home loans and better deals offered by developers are among the major reasons behind the revival in the realty segment.
Professional and student accommodation are speculated to yield higher returns respectively. In addition, multiple companies have set up their working operations in premier IT hubs of Hyderabad like HiTech City. While this is expected to substantially increase the realty rent, it will also promote the recently hyped concept of apartment spaces. This comes following the rise in the number of e-commerce and digital companies securing heavy investments for employees’ accommodation.
The growth picked up the pace ever since new job opportunities have emerged in Hyderabad. The city has been enhanced due to its public infrastructure with developments like elevated corridors, improvement in bylanes, water pipelines, underground cable networks, etc. Furthermore, transportation has received an impetus with metro rail’s expansion to the HiTech City.
As per several realty reports, with a number of potential home buyers, the investments in residential real estate have escalated in the last two years as compared to its previous years and the unsold units are also reduced by approximately 40% and new properties have increased by 82%. This is a corollary of the strategic planning of residential housing from veteran builders.
Modi Builders, counted among the top builders in Hyderabad, has harnessed the potential in the outskirts of the city to a fair extent. For instance, their projects like Elegance, Emerald Heights, Sterling Heights, Paradise Homes and many more are well-connected to the main city, and are located in proximity to all the necessary infrastructure. Apart from high-class amenities for its residents, the city has been the investment choice for a number of people.
Attaining significant interest from the homebuyers along with positive signs indicating a revival in the upcoming few months, Hyderabad’s realty sector is likely to overcome the effect of this pandemic. While everyone hopes for a quick revival, the upcoming few months will reveal the state of the city’s realty sector.