Land prices in and around Hyderabad is expected to go up in the backdrop of the bifurcation process nearing its completion, predicted real estate experts. It was also felt that after a brief lull, citizens would invest heavily in new growth areas in 2014-15.
The trends surrounding the real estate market were highlighted on the sidelines of ‘Gruhapravesham-2014’, a two-day property show, which began on Saturday. The show is organised by Indiaproperty.com.
“Today, housing in Hyderabad is affordable as compared to other metros. Property prices are almost 60 per cent of those of Chennai. In fact, due to the political uncertainty in the last few years, land prices in the districts have gone up, whereas in Hyderabad, they remained the same. Hence, we are expecting more investment in the near future, as there is scope for prices almost doubling in the next two years,” said C. Shekhar Reddy, president, CREDAI National.
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Mr. Reddy added that big developers would soon foray into the local markets with prestigious projects. “The plots which lie close to the main highways outside the city leading to Warangal, Srisailam, Karimnagar and Vijayawada have the potential for development along with the ITIR region,” he said.
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The 27 edition of the property expo has 60 exhibitors showcasing around 200 projects in and around Hyderabad. Ganesh Vasudevan, CEO, Indiaproperty.com, said Hyderabadis were increasingly logging on to property websites not just for buying but also for reviews and analysis.
“We get about 8,000 to 10,000 enquiries on a single day from customers in Hyderabad. The enquiries have doubled in the last few months, as more number of people are showing interest in buying properties,” he added.