HYDERABAD: Andhra Pradesh realtors and developers are upbeat on the future of real estate in Hyderabad. They claim that now is the best time to buy properties in Hyderabad as prices are expected to shoot up post the bifurcation of the state.
Though the real estate prices have seen a rise and low over the past few years, officials of Andhra Pradesh Real Estate Developers' Association (APREDA) say that currently the prices are stagnant. The construction costs have however gone up by 36% over the last year.
"There has been a drop in demand but not in prices. The Hyderabad real estate market is an end-user driven and hence there will be sales of commercial and residential properties.," said president of APREDA, P Dasharath Reddy at a press conference.
When asked as to why there has been a fall in the registration of properties in Hyderabad, Reddy said the trend is momentary. "Owing to the political uncertainty, people are waiting and watching the scenario for the right opportunity. Buyers will come to the city," said Reddy.
Jones Lang LaSalle's (JLL) assistant vice president Trivita Roy said, "Hyderabad is one of the resilient cities. Of the 8000 new grade-A units available on sale, around 5000 units have already been sold. Though the city has witnessed a slowdown, Hyderabad's future is bright as it is known for rebounding." Around three million sq ft office space has been leased out in Hyderabad over financial year 2012-13 and over one million sq ft is expected to be further leased out.
APREDA announced its fourth property show to be held from October 25 at Hyderabad, where 180 stalls including those of developers, builders, housing finance companies, banks and interior designers will display their latest properties and services to prospective buyers.