Performance of real estate in 2021
When the pandemic struck in 2020, the economy got really hurt all over the world. Many sectors were affected, but real estate in India was not affected. This sector, a marker of the country’s well being, was flourishing and it continued to see an increased number of home buyers.
In major cities, like Hyderabad, people are choosing to buy apartments, independent houses, or plots on their outskirts, because they are affordable. The demand is still exceeding the supply
Knight Frank India, a real estate property consultancy firm, in its report, Global Residential Cities Index Q4 2020’, Hyderabad is the only metro city to witness an increase in residential prices in the fourth quarter of 2020.
According to Shishir Baijal, Knight Frank India’s Chairman & Managing Director, Hyderabad’s real estate market continued to remain steady in each quarter in the entire 2020. He says that this is because Telangana’s capital continues to be popular with both IT and ITeS companies that want to open an office.
Developers feel that once the Outer Ring Road was completed in Hyderabad, real estate got a much-needed boost. Meanwhile, the central and state governments allotted INR750 crore for acquiring land for the regional ring road which is expected to expand the city further.
At the same time, it is felt that money assigned by the Telangana government to develop affordable housing in the City of Pearls will increase the demand for real estate in its surrounding, including 2 BHK houses for the lower-income groups.
Real estate developments in 2021
It has been witnessed in Hyderabad that the prices of lands on its borders have been increasingdramatically from 2020 to 2021. Although Jubilee Hills, one of the most upmarket localities in the city, has the most expensive prices for real estate, Shamshabad, Medchal and Kothur, among others, have seen their land prices double in the period of one year until the first quarter of 2021. It is despite the fact that each of these areas is a minimum of 30 kms away from the city’s central business districts.
Developers were a worried lot for a short period when a lot of construction workers, mostly migrants, went home during the lockdown. But after restrictions were lifted, they returned to the city and drove up the demand for Hyderabad’s real estate.
Impact of government policies on realty
Most of the reforms implemented by the government of India were said to be the reason behind more people showing interest in real estate.
Among them, the introduction of the Real Estate Regulation Act (RERA) in 2016 and according to the status of infrastructure to affordable homes as per the Indian government’s vision “Housing for All by 2022” saw the number of people showing interest in buying properties shot up. With the RERA in place, realty sector transactions became much more transparent, increasing the responsibility of developers towards their customers, leading to enhanced demand for real estate.
These policies had collectively improved the demand for real estate in India and also allowed more people to venture into developing properties in India and, thus, Hyderabad.
If you are looking to buy a plot in Mansanpally, near Shamshabad, contact Sterling Heights by sending them an email or give them a call.