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Demand for housing picks up in Hyderabad despite COVID-19 crisis

The increased demand is also shoring up Hyderabad’s property rates, which experts say, would meet that of Bengaluru’s in a few years. 

Published: 11th February 2021 08:57 AM  |   Last Updated: 11th February 2021 09:04 AM   |  A+A-

Real Estate

For representational purposes (File Photo | EPS)

By Express News Service

HYDERABAD: Hyderabad's real estate market, which according to experts did well despite the pandemic last year, has received an impetus as the demand for new housing units is increasing. This is all thanks to the low rate of interest and the unchanged repo rate as announced by the Reserve Bank of India (RBI) a few days ago.

Realty experts informed The New Indian Express that these two factors are an incentive for the middle class, who are now more than ever looking to buy properties rather than to live on rent. The increased demand is also shoring up Hyderabad’s property rates, which experts say, would meet that of Bengaluru’s in a few years. 

"The low rates of interest is an incentive for the middle class, who can weigh their options to either go in for a house or stay on rent," GV Rao, president of the Telangana Developers Association,said.Additionally, Telangana has better floor space index rules, which help in keeping property rates lower than that in other States, according to a few other experts.

Sandip Patnaik, Managing Director-Hyderabad, Jones Lang LaSalle (JLL), told The New Indian Express, "The interest in residential apartments is at its peak now despite the Covid-19 situation. Though the prices have gone up by 15 to 18 per cent, I think the overall scenario of residential properties in Hyderabad is very robust."

Echoing similar views, CREDAI-Telangana general secretary V Rajashekhar Reddy said, "In January this year alone, registrations stood at around Rs 950 crore."

Apex Court advocate moots 'land army'

With land value soaring across Telangana and scams worth hundreds of crores coming to the fore, a ‘land army’ has been proposed for the protection of government, assigned and Waqf lands. This army will also provide legal remedy to those whose lands have been encroached upon by the land sharks.

This idea was mooted by Supreme Court advocate Nirup Reddy in a protest held on Wednesday at Dharna Chowk in Hyderabad held by the Telangana Bhu Parirakshana Samithi (Telangana land protection committee).

He also proposed the use of blockchain and drones for bringing in transparency in land records and preventing scams. The meeting was attended by many from Hafeezpet, Miyapur and other areas, who are suffering due to encroachments

Low interests, unchanged repo rate

The low rate of interest and the unchanged repo rate as announced by the RBI a few days ago has boosted the market. Realty experts informed Express that these two factors are an incentive for the middle class, who are now more than ever looking to buy properties rather than to live on rent. The increased demand is also shoring up property rates



Comments(3)

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  • satya

    yes its right ... Hyderabad people need to low price investment budget properties
    3 months ago reply
  • madhu

    Don't give this kind of statement. Already peoples economy vivid Deteriorate and so many peoples are lost their family members and suffering from Covid. How people buy the properties, maybe 5% of people purchase properties because they have excess money, it's not actual growth. With these statements, planning to Rebound the real estate growth, see now peoples know the money value, now re-start the deposits in the bank. In few months completely going to down real estate. For example 10,000.00 value of sqft land, now increased to nearly 1,00,000.00
    4 months ago reply
  • parthasarathy n

    It is indeed a good gesture on the part of our PM to have waived off 6 crore tax for importing a life saving medicine for child Teera. This is a very rare disease and it is a timely help to save the child.
    8 months ago reply
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