Credai sees 40-50% jump in city realty prices

With political uncertainty a thing of the past, realtors expect real estate prices to boom in Telangana, particularly Hyderabad, over the next six to eight months, Confederation of Real Estate Developers’ Associations of India (Credai) national president C Shekhar Reddy on Thursday.

“The sector is poised for a meteoric growth as the state government is actively promoting ‘Brand Hyderabad’ and is also looking at transforming the city into a ‘Global Smart City’. Based on the present rock bottom prices prevailing in the city, our expectation is that prices will increase by 40-50% in the next six to eight months,” Reddy, during the curtain raiser of Credai’s Hyderabad Property Show-2014, which will be held from August 29 to 31.

Reddy pointed out that a hike in real estate prices seems inevitable as there has been an increase in the input cost, taxation and inflation and the prices in the Hyderabad have remained low as compared to the soaring realty prices in other southern cities like Chennai and Bangalore. “There has to be some correction in real estate prices in Hyderabad. When correction takes place the prices will go up,” he added.

Urging consumers to invest in the real estate sector, Credai Hyderabad general secretary S Ram Reddy said it is advisable to buy properties in the city now as prices are at rock bottom. “Hyderabad has a population of about eight million and the ITIR coming up across 50,000 acre is likely to employ almost 15 lakh people directly and about 53 lakh people indirectly in the next two decades. The population will go up by 100%. This means the Hyderabad will double in size, pushing up the demand for housing enormously. Hyderabad is going to be an incubation hub for entrepreneurs and will have a Pharma City, Sports City, Cinema City, Manufacturing City, among others, which will spur rapid growth in the housing sector,” he explained.

Source: The Times of India

Leave a Reply

Your email address will not be published. Required fields are marked *