Year 2017 has been a mixed bag of government policies for the real estate of India. Owing to these policies, the realty market of Hyderabad has picked up after a lull of two years. Experts at Modi Builders asserted that the launch of new projects in the residential markets have been relatively low. However, they informed that there has been a surge in the sales and demand for apartments in Hyderabad.
Statistics show that the revenue of registration department was Rs429.99 crore in December 2017. This was the highest recorded revenue for any month in the year. From April to December 2017, the total revenue from land registrations and stamp duty in Hyderabad touched Rs3,000 crore, which was comparatively higher than the previous year’s Rs2,837 crore.
Modi Builders reviewed that policies like Real Estate Regulation Act (RERA) influenced a major chunk of developers to shift their focus on affordable housing. On account of the policies, several developers also offered flats for sale in Hyderabad to ensure affordable housing in the city. Besides, 40 per cent of constructions were under Rs 50 lakh throughout the year.
Demonetization, being another important policy of government, was implemented to combat the existence of black money in the Indian society. The revenue officials of Hyderabad were not hopeful of meeting their target because of this policy. Yet, they breathed a sigh of relief as the figure of year 2016 was surpassed in 2017 by 163 crore.
Experts at Modi Builders also stated that implementation of GST lead to the higher cost of under construction apartments. However, the ready-to-move-in apartments in Hyderabad were in higher demand. As the realty rates were peaking, most dealers are waiting for the completion of their existing projects. Hence, the new projects launches have been lower in Hyderabad for 2017.
Other than apartments, developers have also been constructing luxury villas in Hyderabad and its outskirts. Villas with sprawling lawns and plentiful parking spaces have been in great demand. Modi Builders have anticipated that villas in Hyderabad will be in higher demand in the upcoming years as well.
Other than the surge in sales of apartments in Hyderabad, the office market also witnessed a new record in 2017. Statistics showed that from July to December 2017, transaction in office spaces touched 3.34 million square feet. Compared to previous year, the transactions increased by 5 per cent.
Industry experts at Modi Builders are of the opinion that the suburbs of Hyderabad are also growing as the most sought-after realty markets. As the real estate market picked up after an interval of two years, the Hyderabad-based realtors predict that the real estate sector in the city will experience improved infrastructure developments and affordable housing.