After getting hit by the pandemic last year, the real estate sector in Hyderabad is back in business, with demand coming back to normalcy.
Backed by a good growth in information technology (IT), IT-enabled services and BFSI (banking, financial services and insurance) and pharma sectors, the real sector expects the demand to exceed the supply.
The report said the IT and ITES industry reported exports of ₹1.50 lakh crore in 2020-21.
According to a CREDAI-Anarock report, the supply was aggressively added as many developers got approvals for projects that had been postponed due to the unprecedented crisis last year.
The repor was launched at a CREDAI (Confederation of Real Estate Developers' Associations of India, Telangana) conclave held here on Thursday.
“The demand for housing in the mid-end (₹40-80 lakhs) and high-end (₹80 lakh-1.50 crore) is very high. This could trigger demand for affordable housing in the vicinity,” the report.
“A high concentration of mid and high-end segments and practically a low supply of affordable housing may not augur well for the economic diversification,” it pointed.
The Covid-19 pandemic had impacted the real estate sector as it hit all other sectors. “The city, however, was quick to recover. Though the construction activity was paused for a while during the pandemic, the developers had resumed operations.
“The subsequent quarters post second quarter 2020, there was a retrieval of supply and demand. This was paused again in the second quarter this year,” it said.