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Realty Back In Business
Posted by Pradeep Sadanapalli | June 2, 2008 | 494 views
(9 votes, average: 4.44 out of 5)
Loading ...The bypoll results are likely to revitalise real estate business, which has been on a slump since the election process began. Realtors, who were worried about the limited number of transactions in the last two months, heaved a sigh of relief on Sunday with the Congress and the Telugu Desam faring well at the hustings. They were afraid that the real estate business would suffer if the TRS, which was campaigning for a separate state, emerged victorious.
The TRS’ lack-lustre performance in the polls has raised hopes in realtors that the market in Hyderabad will once again start to bloom. Several prospective buyers had postponed their plans to purchase plots and flats anticipating that rates would come down further if the TRS won majority of the seats. They thought that a ‘correction’ in the real estate market was imminent as prices of lands and flats had doubled in the last three years in twin cities and surrounding areas.
However, this is not likely to take place now, and the rising prices of cement, steel and construction material would continue to be the deciding factors in fixing the value of properties. The builders are hoping that the price hike would not play a major role in the near future. “Completion of election process is a positive sign for real estate market in Hyderabad,” said Mr C. Sekhar Reddy, chairman of the AP Builders’ Forum. “Buyers who were hesitating to own properties will now purchase them confidently.”
A member of the forum, Mr Sanjay Kumar, said that transactions worth crores had been held up due to the by-elections. “Now, investors will come forward and rates are likely to get stabilised,” he added. The Greater Hyderabad Builders’ Federation said that builders of small and medium range apartments suffered the most.
“Not even a single flat was sold in Nizampet and Kukatpally,” said Mr M. Prem Kumar, organising secretary of the federation. “It is very difficult to complete the ongoing constructions unless business transaction has taken place.”
The Hyderabad Urban Development Authority and the AP Housing Board, which were forced to postpone land auctions, are likely to take them up again in the next three months. “The government has asked us to mobilise huge funds,” said a Huda official. “Now we can meet the financial targets as several infrastructure companies will be keen to buy land in Hyderabad.”
SOURCES:
Deccan Chronicle
Topics: Real Estate |
2 Responses to “Realty Back In Business”
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June 2nd, 2008 at 11:14 am
Hi pradeep, where can i found the commercial sites
June 8th, 2008 at 2:18 pm
Your question is not quite clear. What ‘commercial sites’ you want to find? Can you be little specific?