Apartments in demand in tier-2, 3 cities
By Express News Service | Published: 15th November 2017 02:08 AM |
HYDERABAD: Urbanisation is being witnessed even in small towns of Telangana, as the realty sector in these areas is emulating Hyderabad. “Normally what drives one to go for an apartment compared to independent house is cost. As it is highly unaffordable for an average home buyer to own an independent house in Hyderabad, they prefer apartments.
But now home buyers in tier-2 and tier-3 cities are also preferring apartments, not just because of price factor but they feel that owning a ready-to-occupy apartment or villa is convenient. Not just apartments, even villas and malls will come up in towns of Telangana, as people are looking for, and are ready to pay for the comforts they offer,” said G Ram Reddy, President of CREDAI, TS, explaining about the trend. After Hyderabad, cities like Warangal, Nizamabad and Karimnagar have highest number of apartments coming up. The trend is catching up so fast that even places like Suryapet, Wanaparthy, Palvancha and others are seeing launch of apartment projects.
“Positive sentiment exists in the realty sector in cities and towns of Telangana due to various contributing factors. While most of the launches are in apartment segment, villas, gated communities and malls are also coming up, proving the potential for realty growth in state’s hinterlands. To promote healthy growth, we have come up with CREDAI Telangana Reality Awards, ‘CREATE - 2017’.
‘First of its kind’
CREDAI Awards are the first of its kind initiative in Telangana real estate. Builders and projects from across Telangana will get an opportunity to get highlighted. Research and rating agency, CRISIL has been roped in by CREDAI as the knowledge partner for Awards.