As experts are expecting a growth in sales and new launches this year, G Narotham Reddy, general manager of Cybercity Builders & Developers, gives a clear perspective of Hyderabad realty.
We hear contradictory forecasts about Hyderabad realty. While some say it’s picking up, some forecast tough times. What is your perspective?
While we are yet to see a complete recovery, one thing is sure: positive signs showing up for the Hyderabad real estate sector. We have certainly put bad times behind and are expecting a slow but sure growth.
What are the reasons?
Last year there were new governments at the Centre and in the state, and their policies lacked clarity. But this year, especially in the case of Hyderabad, the government has sent positive signals thus bringing in the much-needed stability.
How encouraging have been the sales?
Though the exact figures are not known, there is certainly more activity going on. For instance, at Rainbow Vistas, developed by Cyber City near Hitec City, we have delivered more than 400 flats this year. A hundred more will be occupied soon. In the first and second quarters of 2015-16 there was a definite increase in the sales. Reputed builders like SMR Holdings have come up with big launches.
Which segment, commercial or residential, is faring better?
This year the residential segment is faring better. First-time home buyers are showing interest to buy homes now. With political stability in the state and in the city now, investors, who preferred Bengaluru, are now investing in Hyderabad.
What makes investors prefer Hyderabad to Bengaluru?
Hyderabad is still the best and cheapest place to buy a home or land in India. Even from the investment point of view it is the best bet. For instance, the cost difference between Hyderabad and Bengaluru is about 30 per cent. In Bengaluru the average cost for sq ft goes up to `6,000 whereas it ranges between `3,000 and `5,000 in Hyderabad.