27. January 2016 08:23
HYDERABAD: The Hyderabad real estate market, which has been in limbo for years mainly due to the Telangana statehood agitation, is beginning to see green shoots, thanks to renewed interest from realty players outside the city who find land here cheaper.
While Bengaluru-based realty players such as Brigade, Mantri, Embassy and Prestige are among those who either launched their projects recently or are firming up land deals, many other non-local realtors are in the process of doing so, says property consultants.
"The entry of outstation players into the Hyderabad real estate market, both for residential and commercial projects, is an indication of the improving market scenario here," said Sandip Patnaik, Hyderabad managing director of property consultant Jones Lang LaSalle (JLL). Barring one or two non-local players, no new player entered the Hyderabad market owing to the sluggishness in 2009-14, he said.
A majority of the non-local property developers prefers to enter into joint development pacts with the land owners, while only a fourth goes for land purchases. Prestige, Mantri, Brigade and DLF are among the key players who entered the Hyderabad market through joint development agreements.