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Business and Finance
REAL ESTATE-HYDERABADI STYLE
In the recent times India has observed a stunning growth in its sector of real estate business. The growth in the real estate is higher-flying in metros and in the big cities like Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Pune, Chandigarh etc. But now this wave is at a snail's pace and regularly moving towards small cities. All this growth is ignited by the increasing industries and employment opportunities which lead by information technology and the growth of it-enabled services. Experts valued the Indian real estate business at around $50 billion which is expected to grow by the rate of 25 percent annually. There has been overall development including residential, commercial, and industrial projects. There has also been a rise in business for real estate consulting institutions, banks and finance companies in India providing the required housing loan, property valuers, and construction companies. Hyderabad is one of the cities in India which has undergone a major turn around in real estate sector in last decade.
If we talk about Hyderabad, the city is evenly poised for a huge growth. Already there has been a lot of development in the Hyderabad real estate sector. Hyderabad has the best of infrastructure and congenial demographic conditions to provide favorable conditions for the growth of real estate. The government of Andhra Pradesh has also been very progressive and has brought and all round development in the city. The real estate growth has also been very well supported by the government. A lot of it parks and Special Economic Zones have been developed to provide world class infrastructure to the multinational companies. Hyderabad has experienced it boom with big names in the field setting up there business here. All this has resulted in huge demand for commercial as well as residential properties and has catapulted Hyderabad in real estate news. The Hyderabad realtors have a key role to play as they assist the customers in the purchase and sale of apartments and other properties. They provide their professional advice at every step and make the whole process of property buying or selling quite convenient. Hyderabad, which is primarily known as the ‘city of pearls and minars’, is the fifth largest metropolis of india. Today, eyes of potential investors are set on hyderabad which is staying in step with the overall property market trend existing in the country. Despite all odds, the city is improving in good deal of activities. Hyderabad real estate scenario has changed fast over a period of time. Most of the demand especially for the commercial property comes from the it companies which prefer hyderabad over any other cities in the country. With the entry of global players like microsoft, oracle, bann info, satyam computers, and many others, hyderabad property market structure has certainly undergone a paradigm shift. Hyderabad properties rates have spiralled and in some of the prime locations they are quoted 30 to 40 per cent more. The prices which once used to be around rs. 500 per sq ft during 1991-1992, has shot up to rs. 2,000 per sq ft.
There is a mad rush among real estate developers and builders. With real estate booming in the city, both in residential and commercial property development, the herd is heading towards constructing malls. There are around 15 malls slated to come up in and around the city in the next few months to a year. Some of the big names include the GVK one mall in the upmarket banjara hills and MPM mall in the same area. In fact, contrary to popular perception that there is an oversupply of space for malls and retail, there is a growing demand for them. “it is not true that there is an oversupply of space. In fact, many of the malls are not planned correctly by developers. Moreover, most of them do not have a good understanding of the economics of the tenants’ business and pricing them accordingly,” observes arvind singhal, chairman, technopak, a consultancy specialising in retailing and consumer goods. That is the reason why in some areas there is a dearth of customers, and some are even offering mall space as as office space.
With such a boom in the real estate sector Hyderabad has definitely become a destination of opportunities for the investors and everyone who has interest in the realty business.
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