Realty sector of Hyderabad moving fast

Is Hyderabad changing for the betterment finally? Don’t get amazed as there are enough reasons to ask this question. Hyderabad, these days, is regarded as one of the fast developing cities in the sphere of India and also a modern hub of Information Technology, ITES and Biotechnology. But the same city witnessed and suffered the brunt of downturn and had to go through a long period of inactivity. Is the fate of the city changing after the long-drawn-out lull?

Well, some reports claim that the city is changing and its real estate market is also showing signs of recovery. Why don’t we ascertain the reasons of its refurbishment first and proceed to the next stage then? As per experts, there are three reasons behind its transformation. The first of these happen to be the last election that brought forth a clear mandate against bifurcation of the state of Andhra Pradesh. It’s true that the Congress Government is against splitting the state into Andhra and Telangana completely and this has stimulated investors to start investing in real estate sector again.

What are the other reasons then? While the second on is reduction of interest rates, the third one is removal of the 5% stamp duty on property up to 1,200 square feet. The combination of all these has invigorated the (almost) dying market yet again.

The changing reality has also been acknowledged by esteemed city-based builders. Commenting on the gradually changing scenario, Ravinder Reddy, Director, Prajay Engineers Syndicate said, “Villas are moving little slowly currently, that’s one of the reason why we have brought in a new product in this project, which was not envisaged earlier. With change in environment in the market, we have brought in a product that is readily available.”

Anil Girotra, ED, Andhra Bank said, “We are also informed by our builder clients that they started receiving lot of enquiries from the people. So it looks like the activity is going to grow.”