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Hyderabad Real Estate - The year that was 2007 in a nutshell
Posted by Srini Uppala | December 22, 2007 | 693 views
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Loading ...Real estate scenario showed signs of stability in terms of prices, says T.Lalith Singh
Comfy Living: Luxury living gets redefined in 2007 with many housing projects being announced.
The year 2007 slowly inches to a close and a look back presents a mixed real estate scenario. The highs went missing and the property scene started showing some signs of fatigue after a mad scramble in the last two years and signs of stability in prices seem to emerge.
Newer trends did arrive in a big way in the city this year and some concepts did create waves on the real estate front. Projects that were not even dreamt some time back were announced and some others were grounded promising to redefine the way some prefer to live. The same happens to be the scene in terms of construction practices, interiors, design and amenities.
The availability of land in the city and immediate peripheries almost dried up for a majority and the middle class was left in lurch with the rising costs involved in property matters. Though the prices did not continue to rise that dramatically in last 12 months, they registered a steady and incremental growth with no signs of middle class prayers on a down curve being answered.
New initiatives
The new initiatives announced this year had Lanco Hills promising a real tall residential tower complex at Manikonda and the announcement along with the publicity blitzkrieg associated had many wondering as to the cityscape would appear in a few year’s time. Maytas and Indu Projects continue to make news while Palm Meadows and several other projects too hogged the limelight.
There was a discernible shift in the housing pattern too. Duplex, triplex and then villas arrived in a big way and caught the fancy of those who could raise the kind of money required for them. Luxury living got redefined and it no more was restricted to 150 sq.yards or 300 sq.yards as the villas spread themselves bigger as with the project ‘Casa Estebana’. Unheard of facilities in the city such as open-air Jacuzzi too started becoming a common feature for these projects. Developers with pan-Indian presence too have now made the city a major spot to locate their projects.
The auction of plots witnessed fluctuating fortunes and if some projects had bidders raising the stakes to new highs, some failed to draw adequate response. Somewhere along the line, the association of land prices with the auction bids too started to fade out a bit. The rentals rose too in an unprecedented fashion in the last year and the rental residential space started to command along with commercial spaces in the happening corridors.
Considerable shift
On the construction front, the green building concept appears to be catching up with most of the new venture promising to incorporate these features. Unlike earlier times, there has been a considerable shift in planning as developers began to earmark adequate lung space and provide more spacious premises and better amenities. The construction material too rose high and cement in particular not only turned costly but also registered shortages in spells. A bag of cement is available for Rs.230 and there is talk of it going up to Rs.300 shortly!
The city markets are also flooded with outlets offering international brands as the interiors too are fast metamorphosing. From the best for kitchens to shower spaces apart from sofa sets to diwans have come into demand. And the shopping experience too has changed with the coming of malls dedicated to home furniture. No running around from one shop to another, just step in and take home every home need.
SOURCES:
The Hindu
Topics: Real Estate |
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