30. December 2015 07:43
HYDERABAD: The year 2016 is expected to see a ‘win-win’ situation for both home buyers and builders in Hyderabad, opine realtors and real estate associations. As real estate scenario in the city picked up momentum this year, realtors expect that further progression will occur in 2016, thus leading to rise in home sales and creating a buzzing market. “There has been a revival of realty sector this year with both home sales and launches rising. While realty sector got back from brink this year, we expect it to regain its vibrancy next year. We are expecting a growth of about 20 percent in 2016,” said S Ram Reddy, president of Confederation of Real Estate Developers Association of India (CREDAI), Hyderabad. For the sector troubled with various reasons for the past half decade, a 20 percent growth expectation is a positive sign.
But what makes real estate insiders come up with such a promising forecast? Already there is shortage of office space in Hyderabad now and more multinational companies are setting up their shops here. As a result more jobs will be created, more people from other areas will come to Hyderabad, leading to rise in home sales. Already there has been good activity in office space and we hope the same will be replicated in terms of residential segment, opined P Dasharath Reddy, president of Telangana Real Estate Developers Association (TREDA). Over the past year reputed companies of international fame including Google, ICICI bank, Amazon, Wipro, among others have scaled their operations in Hyderabad, thus creating enormous demand for office space. It is a natural consequence that demand for office space automatically leads to demand for homes. Besides government’s eagerness to cater to these companies by adopting ‘ease of doing business’ approach is expected to further help the cause of Hyderabad realty. Therefore real estate developer bodies are forecasting a tremendous rise in home sales and planning accordingly. “We are sure of rise in home sales in the coming year. However, instead of going for new launches immediately, we are urging our members to first clear existing inventory if any.