The realty market in India’s major cities has witnessed a decrease in growth in the last few years. However, the residential real estate market in Hyderabad has grown at a good pace, even after the introduction of reforms like GST and demonetization.
According to the experts at Modi Builders, the residential realty market in Hyderabad is set to grow further, owing to burgeoning economy and the rising GDP. The new reforms have hardly had an impact on the Hyderabad’s realty sector. The policies have instead worked in the favor of the industry, with reforms like RERA reviving the buyer’s confidence’.
Regaining the confidence of buyers, the residential real estate sector in the city has been booming, and the infrastructural developments are playing a key role in the growth. The residential units have witnessed an increase of 35 per cent sales. While the unsold inventory has been significantly reduced by 29 per cent.
Complimented by strong fundamentals including government stability, infrastructure and economic drivers, Hyderabad is currently the most preferred city for real estate investment. The city’s leading position as home to the top IT/ITeS companies has had a direct impact on its real estate growth, attracting many professionals to the city.
With an increasing migration of people to Hyderabad, the Telangana government has invested heavily in the city’s infrastructure facilities and connectivity. At this juncture, the onus is also on the leading developers like Modi Builders to come up with improved projects for the buyers. The realtors have done a decent job by building state-of-the-art projects at strategic locations.
This year was all about the introduction of reforms and new policies, which have made the real estate a lot cheaper. Going by the trend, it is easy to predict a rise in the price of residential units, which bodes well for the investors.
The Union Budget 2019 is expected to reduce the GST rates from 12 per cent to 6 per cent or alternatively, to subsume the stamp duty into the existing GST rate. The overall sales are likely to witness an increase due to this reduction in GST rates, say industry experts at Modi Builders.
Apart from this, the developers are expected to work with transparency due to the implementation of RERA. The project approvals will be processed quickly with a Single Window Clearance. With this, there will be an increased demand of residential realty, which will ultimately require the introduction of more projects.
At this stage, it is easy to say that the residential realty sector of Hyderabad is set to grow further in the next year.
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