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