Hyderabad Real estate market to pick up in 2015
Hyderabad: The Hyderabad real estate finally appears to be coming out of tunnel, with the wait-and-watch approach, adopted by buyers following the division of Andhra Pradesh, being gradually replaced by optimism.
“The wait and watch period is in its last phase, buyers anticipation of price reduction is fading away leading to a more positive approach towards decision making. Developers are gearing up to launch new projects in 2015. With the end of political turbulence the Hyderabad residential market is likely to revive by end of 2015,” said Vasudevan Iyer, director, Hyderabad, Knight Frank India, after releasing India Real Estate Outlook.
The major demand driver in the city for the time-being will be commercial segment, which looks more promising than residential.
“The year 2015 looks brighter from the demand side as the vacancy in the city has fallen to 17 per cent and rents have already started rising,” he said, adding some mega office deals on the cards.
Residential market, which though does not appear to be booming, is expected to benefit as more and more new companies establish their presence in Hyderabad.
Mr C. Shekhar Reddy, the national president of housing sector body Credai, claims: “There is a definite pick-up in the Hyderabad real estate market, if not boom. With the economy expected to pick up pace, the housing market also will see a good growth.”
Hyderabad Regional Ring Road may cause another land price boom in far outer villages
The RRR alignment has been planned to run through Toopran, Narsapur, Sangareddy, Eddumailaram, Chevella, Shahbad, Shadnagar, Daudguda, Gundelaguda, Ibrahimnagar, Malkapuram and Bibinagar.
The RRR will connect the new and emerging spots beyond the Outer Ring Road and to act as a linkage for districts surrounding the city and with the highways.
The Hyderabad Metropolitan Development Plan (MDP) while considering the needs and developments till the year 2031 has envisaged Hyderabad as primary nucleus and the emerging areas of adjoining districts of Ranga Reddy, Mahbubnagar, Nalgonda and Medak, as urban nodes and urban centres. The 90 metre wide road to connect these nodes and centres was mooted by the Hyderabad Metropolitan Development Authority (HMDA) and the task of coming up with a pre-feasibility report assigned to a consultant, Aarvee Associates.
The senior officials of HMDA from different wings, including the ORR project took stock of the progress made on the report this week.
“A preliminary feasibility report is to be generated by the consultants by June-end based on which further steps are to be initiated,” said an official.