HYDERABAD: The Confederation of Real Estate Developers’ Associations of India (Credai) today said that the recent report by the National Housing Bank on real estate price fall of about 4.5 per cent in Hyderabad does not reflect the actual situation.
Addressing a press conference here today, C. Sekhar Reddy, National President of Credai, said that prices have not fallen as mentioned by the report. In fact, prices have remained flat from the past few quarters and there is no scope for it to fall any further. Prices are quoting at rock bottom making it the right time to buy property. Input costs have shot up significantly in the past few quarters.
These include price of cement, steel and other consumables and spike in labour costs.
All these have increased the overall construction cost. But developers in Hyderabad are unable to pass on this to the consumers due to market sentiment. They are working on lower margins, he added. Providing an outlook of the real estate sector in Hyderabad and the State, he said that the recent decision to carve out a separate State ends all speculation about whether the State would be formed or not. This will provide clarity and enable the sector to grow. With the decision to retain Hyderabad as the capital for both regions, this would only get bigger and better.
“We believe the overall sector outlook is positive. The prices can only firm up from here on as they are at the rock bottom. They cannot go down any further,” he said.
Credai’s new AP Chapter has been constituted with S. Ram Reddy, as its president. They have also constituted different panels to smoothen the functioning of the realty body and also facilitate consumers.