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The Union Cabinet approval for setting up of IT Investment Region (ITIR) in Hyderabad will play a big role in boosting prospects of real estate sector, according to Andhra Pradesh Real Estate Developers’ Association.
P. Dasarath Reddy, President of Apreda, the apex real estate body in the State, said, “the investment region planned with an investment of over Rs 2 lakh crore, and potential to generate direct employment to 14 lakh people, will provide a boost to the realty sector.”
Addressing a press conference here along with Apreda members, he said that prices continue to be stable in spite of the costs going up by about 9-10 per cent per year in the last four years. Stable prices were due to various issues including the agitation for separate statehood. This stable phase will give way to increase in demand and also hike in prices later.”
“In fact, there is no speculative buying in the real estate business in Hyderabad. This has kept prices at a subdued level for too long. The prices here are lower than most major cities in south and other regions. Therefore, the real estate in Hyderabad is affordable. It is right time to buy a property in Hyderabad,” he said.
The issue relating to bifurcation of the State since past three years in particular has kept prices stable. While the absorption in the office space is good, there has been drop in overall consumption of residential segment, Trivita Roy, Assistant Vice President, Jones Lang LaSalle India, said.
During the year so far, about 2 million sq ft of office space has been absorbed and about 1 to 1.5 million is likely to be closed by the year end, she said.
The real estate body is hosting a three-day flagship event at Hyderabad International Convention Centre during October 25-27 wherein about 180 participants will take part in the event to display their properties while service providers will be there to assist potential buyers.
The show has been sponsored by LIC Housing Finance Limited and Rashmi Srisairam Property Developers. The Conference with theme, “Staying ahead in real estate—Innovative construction and understanding taxation,” will be held during the event. The conference is supported by National Real Estate Development Council and sponsored by State Bank of India with Jones Lang LaSalle, as knowledge partner.
> rishikumar.vundi@thehindu.co.in
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