Property transactions in Telangana is showing positive signs with a 15 per cent growth in revenue from stamps and registrations in the last three months thanks to the state government’s plans to develop Hyderabad as global city.
Realtor’s expect a 50 per cent increase in the real estate market in the next six to eight months.
Hyderabad and Ranga Reddy districts, which form Greater Hyderabad, collected the highest revenues through stamps & registration not only in Telangana but also in the combined state.
Revenues in Ranga Reddy and Hyderabad districts in June 2014 were Rs 270 crore and Rs 115 crore respectively.
Property and real estate bodies like APREDA and Credai are seeking a correction between the prices of Hyderabad and other metros like Chennai and Bengaluru where the property prices are much higher despite similar infrastructure facilities like airport , ORR etc.
According to Confederation of Real Estate Developers Association of India (Credai), the real estate market has seen a growth by 10 per cent in last three months, owing to restoration of political certainty in the city.
Mr C. Shekar Reddy, national president, Credai said, “The property prices in the city was at the bottom over the past few years, but in the last three months, an increase was witnessed and we expect the prices to go up in the next six – eight months.”
This will happen due to the increase in input costs, taxation and inflation, he added. There has to be some correction between Hyderabad and neighboring metro cities like Chennai and Bengaluru and when this correction takes place, the prices will go up, he said.
The Credai chief opined that with world-class infrastructure like international airport, Outer Ring Road and Metro, Hyderabad was in the forefront to emerge as a global city.
The Credai chief also referred to the plans of the TRS government to improve Brand Hyderabad, prepare a new Master Plan, to develop the Information Technology and Investment Region (ITIR), satellite townships and special clusters.
Realtors said that in the last five years, the developers had suffered and had to sell projects at low prices. They added that this was the right time for investing in real estate as the prices were poised to go up.
Source: Deccan Chronicle