December 1st, Author: Varma
Most people investing in real estate regain a feeling of security. The residential sector of real estate will always bounce back since it is a finite commodity. This also depends upon the location of the project. People will feel more secure & more willing to investing in homes & other types of real estate since the economy is recovering. Eventually, good locations are bound to experience faster recovery on a bigger scale.
Prices Soared Last Year Just as Analysts Suggested
Some high priced premium markets saw declines in the market. The global pullback of investors did hurt prices but markets also saw again in the year 2018. People earlier were living within their means & not purchasing homes that they could not afford. Evidence suggests that this was mainly because of prices soared. Strong economy when coupled with high demand & low supply is bound to increase price in 2019 as well.
Lack of Supply is Detrimental
This is the dark side of home pricing. Most houses in such a scenario will be overvalued in such a scenario. Eventually, it can also become a national problem. Housing projects should come up as quickly all across the country so that many potential home buyers can find themselves in the market this year. With prices so high in the cities, many home buyers may decide to move in the suburbs. If things do not improve, the trend across Indian cities may be expected to grow. ‘Second Cities’ outside major metropolitan areas may gain ground.
Hyderabad is an Exception
The growth story of Hyderabad Real Estate Market is an exception when compared to other cities in India. This capital of Telangana is the only metropolitan city where average property sales increased by 32% in the recent past. Properties in Mumbai, Delhi, Chennai, Kolkata, and Bengaluru & Pune have drastically dropped during this period. Hyderabad is the only real estate market which did not disappoint real estate investors amidst the countrywide sluggish environment.
What is Boosting Hyderabad Real Estate?
The local government is putting out initiatives & taking proactive measures in order to make Hyderabad a truly global city. There are a variety of laws being put forth & implemented so as to improve the ease of doing business. One of these is the ‘Telangana State Industrial Project Approval & Self-Certification System’ (TS-iPASS) Act which is a step forward in this direction. This act is introduced to create a business-friendly environment which can uplift the status of the city as an investment destination. Apart from other industries, the real estate sector will also immensely benefit since the government of Telangana is sincerely taking steps to implement a single window approval system for the real estate sector as well.
Other Factors Contributing to Real Estate Boom
One of the main factors is the fast-paced infrastructure development. The outlook of the government of Telangana is clear that developing the infrastructure of Hyderabad is their priority. As far is connectivity is concerned, they are keen on developing the Nehru Outer Ring Road which will help traffic navigate in & out of the city within minutes without any difficulty. The metro rail project also holds a promise in terms of uniting the eastern & western ends of the city which house industrial corridors, SEZs & IT hubs.
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