After a boom in Hyderabad’s real estate sector over the last seven years, the sharp increase in land and apartment prices have made them unaffordable for many people, leading to a slump in the registration of plots and flats.
The sector is witnessing a slowdown in growth. The registration rates have also gone up in recent times.
Even in the outskirts, the rate is around a lakh per yard. Buyers are waiting for prices to come down and many who were earlier keen on buying land and houses as a means of investment, are now wondering if the market’s getting a bit too unreal.
The demand for office spaces and commercial buildings is also coming down. It looks like there is some kind of saturation in Hyderabad and Cyberabad.
Some people are investing in Gold expecting the rates to rise in the near future. The Government auction of lands has got a good response.
There is a talk that some real estate companies who were moving closely with the Government have slowed down their projects as the demand has come down.
Rameshwar Rao of My Home has postponed a project where he was supposed to develop an integrated city on the outskirts of Hyderabad.
He was supposed to be doing it as per international standards. He is also trying to start a new cement plant for catering to the needs of Andhra Pradesh in future.
The Cement Plant is on hold as the Jagan Government has stalled the development process in Amaravathi. However, the real estate rates are bound to go up by another ten per cent in the coming twelve months it is reported.
So this is the right time to buy a plot or flat.
