CREDAI | Real Estate Sector in Hyderabad to Rebound Rapidly
Many real estate experts believe that the Covid-19 pandemic has affected around the world, and the real estate builders are being impacted due to the challenges of stoppage of construction, shortage of labor, difficulty in sourcing raw materials, and other issues. However, with strong consumer demographics and significant growth in the IT, e-commerce, and retail sector, Hyderabad real estate has all the potential to bounce back.
Hyderabad Real Estate to Hold Massive Growth
Recently Confederation of Real Estate Developers Association of India (Credai) Hyderabad leadership team along with P Rama Krishna Rao, president, and general secretary V Rajashekar Reddy met MA&UD Minister KT Rama Rao and tried to take steps to fix a variety of problems in helping the industry to tackle Covid-19 crisis. Administrators promised maximum support for most of the proposals to the Credai officials and ordered the officers to issue correct orders. On specific issues that were not specifically under his remit, he told the Chief Minister could tackle the problems to his presence and that things could be resolved as soon as possible.
Even though COVID–19 crisis has left both individuals and companies deeply affected. The imposition of the lockdown has severely affected construction activities and led to delays in the developer plans impacting both the developers and homebuyers. With many of the major infrastructure developments such as the construction of outer ring roads and developing arterial roads connected to ORR, Hyderabad real estate has proved to be multidimensional.
Construction of strategic flyovers and rapid transit zones on the bottlenecks in the city would add to the convenience of travel and impact growth and recovery in the post-COVID era. With the development of new office spaces and retail outlets at Gachibowli, Financial District and Hitech City corridors have become the most favorable investment location with major IT firms. Experts believe the city can recover from Covid-19 more rapidly than many other cities in the world.
Prior to the pandemic, Hyderabad was leading the country in the absorption of the commercial real estate, coworking spaces, and the residential segment than the rest of the country. KT. Rama Rao has taken effective measures in response to our demands and recommendations to assist us in handling the Covid-19, crisis and drive the city's real estate market. The Government has given four GOs on our requests, as a significant relief for the industry.
It is expected that because of its strong business fundamentals, infrastructure, low-rates for rentals, and proactive government measures, the recovery from the Covid-19 will be much faster in Hyderabad real estate as compared to the rest of the country.
By: Shailaja K