HYDERABAD: The realty sector which slowed down during the second wave of Covid-19 has bounced back strongly with the Diwali festive season boosting property sales, particularly in Hyderabad’s residential segment.
According to the Confederation of Real Estate Developers’ Associations of India (CREDAI), transactions in realty have picked up very well across the city with customers flocking to purchase flats, villas, plots and other properties during this auspicious season.
Hyderabad CREDAI general secretary Rajashekhar Reddy said that transactions have increased by 25 per cent since the Dasara festival. This has provided the much-needed boost for the realty sector, thereby making developers happy.
Speaking to Express, Senior Executive Director - Hyderabad, Knight Frank India, Samson Arthur said that Hyderabad will witness an extended festival season and the real estate market sentiment will remain at an all-time high until Sankranti. Land transactions and investments are at an all-time high followed by residential and commercial real estate in Hyderabad, he says.
“Real estate developers have not only observed home buyers’ interests towards purchase of land and apartments but also second homes and farmhouses. The rise in commercial real estate is also providing a boost to retail and warehousing sectors of the city,” says Samson.
Jobs, pricing, loan rates
Developers state that the property market is driven primarily by the home loan rates, stability of jobs, pricing and incentives extended by developers and the government. All these parameters are synergising now, which indicates a comprehensive revival of the housing market.
A report by Anarock Property Consultants said that the ongoing festive quarter will see at least a 35-40 per cent yearly rise in overall housing sales across the top cities. In Q3 2021, the top seven cities including Hyderabad, Bengaluru and Chennai saw total housing sales of approximately 62,800 units, the best quarterly sales since the pandemic.