With the real estate sector poised for growth again, developers feel that the residential sector is bound to pick up even after the disappointing Union budget. To give a better perspective, Hari Babu, assistant general manager of Saket Engineers, speaks with Express about alternative housing schemes, market surge in the city and the advantages of gated communities.
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As a developer, how do you assess the real estate scenario in Hyderabad?
The market has been slowly picking up since the start of the year and I would expect it to increase in the coming months. The recent repo rate cut by RBI is definitely a positive sign and we have seen several encouraging signs that we will witness growth in Hyderabad soon.
What needs to be done for the growth of the residential sector?
The political situation is the most critical aspect as far as residential sector is concerned. Developers need governmental support to thrive but we are not getting it now. Even though they have announced initially that they would be reducing VAT for the end-users, nothing has been announced so far. At least some action is required to encourage developers in the state.
For new housing projects, are Madhapur and Gachibowli still favoured?
I don’t agree. These areas are already developed and have any more space left. Adibatla and Kompally are promising.
Do people now prefer community housing to regular apartment complexes?
Definitely, the middle class and the upper middle-class are looking at gated communities as they provide other facilities along with housing and also an ideal environment for their children to grow up in. People are no longer satisfied with just regular apartment complexes and are seeking bigger and better things. The thinking of people has changed over the last few years.
Will gated communities spur the growth of residential sector?
Residential sector is definitely going to pick up. Because, if you compare with any other city, Hyderabad is the most economical and people can afford to buy houses here now. That is the biggest advantage the city has at the moment.