‘Hyd market certain to bounce back in 3-6 mths’

Hyderabad: Despite challenges thrown up by the pandemic, the city continues to be a lucrative destination for property investments, said panellists speaking at The Times of India’s virtual conclave – Hyderabad Real Estate: Building confidence among home buyers during Covid 2.0 -- on Saturday.

“Post Covid-19, people have realised the importance of a home. So, if anything, they are seen making faster decisions now, when it comes to investing in property,” said Ravinder Reddy, chairman of Janapriya Engineers Syndicate, confident of the market growing, indications of a third wave notwithstanding.

Agreed Sandip Patnaik, managing director, JLL (Telangana and AP) referring to the last three years’ statistics. “During this period, cost of homes in Hyderabad went up by 40% to 50%. And while the annual increment of the salaried class (80% of the customer base) remained restricted to single-digit numbers, sales figures shot up exponentially. This only shows the trust buyers have in the market,” he said.

Terming the second wave as just a “brief pause in the market’s recovery”, Nanda Kishore, managing director of Ramky Estates & Farms Pvt Ltd said that the quest for better living coupled with Hyderabad’s competitive pricing is certain to keep drawing consumers to its shore.

Other reasons: reduced home loan rates and lack of job cuts. “If you see closely, there haven’t been large-scale layoffs this time around. That’s also a positive for the market,” said R Suresh Kumar, senior vice-president (business operations), Prestige Group, Hyderabad.

In fact, buyers are now looking at investing in larger spaces, said Sumanth Reddy. “There is more demand for 3BHKs with people working from home and children attending school from home,” said the immediate past president of the National Association of Realtors confident of this trend continuing even in the future.

Another trend that developers are certain will see growth in Hyderabad is affordable housing.

“It is only here that we can achieve the price point – of Rs 35 lakh to Rs 40 lakh – and will, therefore, see more such projects take shape,” said Abishek Chanda, director, Vasavi Group that’s doing such a project in Bachupally.

Given the current optimism in the market, V Aditya Reddy, executive director of Sri Aditya Homes advised buyers to go ahead with their plans – a thought seconded by Dayanand Reddy, director of TNR Group. “This is a buyer’s market with assured returns. Nobody will lose money,” he said.

The event was presented by

TOI

in association with Sri Aditya Homes, Janapriya Group, TNR Group, Vasavi Group, Ramky Estates & Farms Ltd and Pranava Group.