India’s residential realty market soars high throughout the first half; Hyderabad in the lead
The year 2018 has witnessed a tremendous revival in the sales of the residential properties across top seven realty markets in India, bolstered by increased confidence of the homebuyers and improved affordability. And the good tidings continued to bide throughout the first half of 2019 as well. The renewed GST rate seems to have increased buyers’ interest that caused resurgence in the sales, industry experts at Modi builders reviewed.
According to the data released by JLL India, the sales of residential real estate market in the first half of 2019 grew by 22 percent at pan-India level with Hyderabad leading the pack; its growth rate being 65 percent followed by Delhi with 42 percent increase at Y-o-Y(Year on Year) basis.
One of the reasons Hyderabad emerged as a top in the market is because of the city being a prime corporate hub along with the fast paced infrastructure development and affordable property prices. And it is most likely to witness the same even in the following years. In addition, developers are coming up with new strategies to generate more interest from the home buyers and the investors.
Builders like Aparna Constructions, Modi Builders and others have many residential spaces, including luxury villas and apartments constructed near the areas like Gachibowli, Kompally, Madhapur, Shamshabad and other western parts of Hyderabad. There are several more projects coming up as well.
Many of the residential real estate projects are being executed in these areas since they are in close proximity to the financial district and education hubs. The travel route is also made convenient by the national highway. Hence there would be greater demand for housing.
Industry experts at Modi Builders have reviewed that with the new strategies adopted by the builders and progressive policies by the government, sales in realty market are to receive a further boost. Ramesh Nair, CEO of JLL India said, “Interestingly, most cities, home buyers continue to focus on ready to move in projects and projects near completion. As a result of this shift in buying preference, developers too are focused on completing their ongoing projects.”