Andhra real estate body: Realty sector will recover in state soon
Oct 10, 2013
Source : The Times of India

 

HYDERABAD: Prices of residential and commercial properties in the city are stable even while the state is heading towards bifurcation as the market here is end-user driven, officials of AP Real Estate Developer’s Association (APREDA) assured.

The officials were talking at the curtain raiser of the association’s three day ‘Fourth Property Show’ beginning on October 25 at Taj Deccan, Banjara Hills. The theme of the conference will be ‘Staying Ahead in Real Estate – Innovative Construction and Understanding Taxation’.

President of the association P Dashrath Reddy said at the media meet, “We are expecting good growth in the city. The selling rate has not increased in the past four years despite an increase in the cost of construction (CoC). The CoC has been shooting up between nine percent and 12 percent during this time indicating a 36 percent increase in the past four years.”

Speaking of the ‘temporary slowdown’ in property registrations, Reddy said that this was on account of the political scenario in the state and it was a ‘wait and watch situation’ for realtors. The president was, however optimistic that the sector would do well in the future. Speakers noted that the realty sector in the city managed to make a come back after the recession blues as it has already managed to lease out five million square feet after 2010.

They reiterated that even as the sales of residential spaces were slow, prices remained ‘stable’ and were unlike the ‘speculative real estate markets’ of Mumbai and Delhi. “Around two million square feet of commercial space were leased in 2013. Around 5,000 Grade – A quality residential spaces were sold and prices are unlikely to drop,” said Trivita Roy, assistant vice president, Jones Lang Lasalle.

 

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