Coping up from a slump that largely affected the India’s real estate sector, Cities like Hyderabad, Mumbai, Goa etc., are set to pace up. Also, the latest boom in the affordable hosing sector is a strong validating factor. “Although, new home launches across the country dropped by 10 per cent during the fourth quarter of 2017, but these cities recorded a surging growth rate of over 100 per cent,” Modi Builders review.
Hyderabad property market seems promising, says C Shekhar Reddy, erstwhile national President, Credai. “Sales boomed during the last quarter. Considering the number of bookings, it’s taking the sector by storm.”
Developers say that the property buyers are happy taking possession of property well in advance. Stock inventory, mostly western part of Hyderabad is good. Ongoing projects are lining up rapidly.
There are multiple factors that have influenced the property sales in month after month, in these cities. So, each quarter has variations in trend. Annual statistics give out a clear status. Some delays generally occur in several forms. For instance, getting government approvals also cause delay in the project implementation. Recession after boom gave valuable experiences to our builders, developers and bankers. Builders take care of not blocking money avoiding interest burden,” adds Reddy.
Sounding positive about the Goa real estate, Vivek Agarwal, Co-founder and Principal Partner, Squareyards.com said ,”Goa makes a compelling real estate bet with sound infrastructure and good economic environment. Real estate prices in Goa range from Rs 4500 p.s.f. to Rs 6500 p.s.f. Most of the properties are within this price range. But the prices change across areas and category of houses. A row house villa would approximately cost Rs 2-3 crore.”
Modi Builders review these cities as excellent investment destination for buyers looking for a spacious home at affordable prices. At present these locations have become investment hotspots too. NRIs have shown keen interest in the Indian real estate sector.
Rajeeb Dash, AVP Sales & Marketing Tata Housing Development Company Limited says, “In the recent years, India’s real estate market has seen a significant change in the choice of residence purchase.”
“The growing class of affluent, NRIs are increasingly investing here mainly due to the desire to stay close to nature. It has become one of the prime destinations for people from congested cities seeking homes that offer them the much needed space to unwind and pull away from rumble of metros,” Dash adds.
Now it will be interesting to see how the property rates will tick higher with the rapidly growing demand for housing in these cities.