Hyderabad: 20th November 2024 – CREDAI, the Confederation of Real Estate Developers’ Associations of India, the country’s apex body of private real estate developers, expressed optimism with increased customer inquiries during the recent festive season—likely to translate into increased sales during the next few months. Hyderabad's real estate market continues to be one of India's fastest-growing markets, driven by the availability of world-class, planned physical infrastructure; connectivity; the affordability of real estate when compared with other similar cities; industry-friendly and proactive governance; the availability of relevant talent; and focused efforts to build ‘Brand Hyderabad’ as an investment destination.
According to Mr. V Rajashekar Reddy, President of CREDAI, Hyderabad, “Hyderabad is rated as India’s most livable city continuously for the last 6 years by the Mercer Quality of Living Survey. It is also now rated as the country’s fastest growing city according to Knight & Frank’s India Prime City Index 2024. These accolades are a result of focused efforts for decades by the governments in the state to promote ‘Brand Hyderabad’ and establish it as a prime investment destination. This has helped create a planned physical infrastructure and a systematic approach to skill development of youth to attract global IT, Pharma, manufacturing, and services giants to choose the city as their destination for investments and setting up of the global capability centers. The city is already a globally recognized IT and vaccine hub, with the most renowned global organizations setting up their largest bases outside their headquarters in Hyderabad, India. The present government in the last 1 year has made all efforts to extend the growth momentum in the city and we congratulate them on the successful completion of 1 year in the state. The announcement for setting up ‘The Future City’, ‘AI City’ with appropriate policy initiatives that will drive the future of growth in IT and have a bearing on all business domains in the next few years. The various departments are actively working to ensure that Hyderabad is at the forefront and gets a major share of investments in GCCs for new technologies across industries. Even efforts are being made to integrate the requirements of industry and the curriculum at the educational institutions along with setting up of The Skill University to ensure the youth is trained with appropriate skills to benefit from the new investments that will come to the state. This will ensure the future growth of the city and the state. Due to the efforts so far, the city has a rising population of UHNI’s (Ultra High Net Worth Individuals) and HNI’s, according to Hurun’s 2024 list, ranking Hyderabad 3rd in the list of most wealthy residents, even ahead of Bengaluru, a trend that will continue in the future. Moreover, the development of Regional Ring Road and the industrial corridors, expansion of the metro rail network (phase 2), new elevated corridor and development of the ‘Musi River Front’ will further enhance the infrastructure and appeal of city. The Government under the leadership of Hon’ble Chief Minister Shri A Revanth Reddy is working proactively to help elevate ‘Brand Hyderabad’ further. The 1st year has laid down the foundation for exponential growth in future. We will work closely with the government to ensure Hyderabad Real Estate is at the forefront of the growth and it dons the city landscape with more iconic structures and we get the well-planned physical infrastructure to become an iconic ‘Model City in the World’[AK1] .”
He further added, “In the last few months, the city witnessed the introduction of the Hyderabad Urban Development and Regulatory Authority (HYDRA) policy, where the Government acted with assertive action on unauthorized constructions, particularly in and around the water bodies, with the objective to preserve the lakes and act decisively to prevent flooding in the city. These stern actions caused panic amongst the people, and they were indecisive about the purchase of property and the future of investments in the city. However, in these days, just before the festive season, Hon’ble Chief Minister of Telangana Shri A. Revanth Reddy, his ministers, and the department of HYDRA and RERA stepped forward to reassure the people that the action was only being initiated against properties without proper approvals in place. At CREDAI Hyderabad, we have always encouraged people to purchase only RERA-approved projects and avoid properties sold by unscrupulous operators offering properties under UDS (undivided share) without proper documentation. This will ensure that you safeguard your hard-earned money and purchase your real estate from reputed builders following all the processes and approvals. The initiatives by the government are driving the demand for residential real estate across segments, prime office spaces, retail, and warehousing. This trend will continue as the city is growing on sound fundamentals and a proactive approach towards the future. Be wise, buy only RERA approved projects to safeguard your hard-earned money.”
Comments