Home sales hit new high since formation of Telangana
In the first half of 2018 (January to June) 8,313 apartments were sold in the city. This is 5.2 per cent more than what was recorded during the same period in 2017.
Published: 26th July 2018 06:51 AM | Last Updated: 26th July 2018 06:51 AM | A+A A-
Image for representational purpose only.
HYDERABAD: For the first time since the formation of Telangana, the sale of apartments in Hyderabad has crossed the 8,000-unit mark. In the first half of 2018 (January to June) 8,313 apartments were sold in the city. This is 5.2 per cent more than what was recorded during the same period in 2017, according to India Real Estate report of Knight Frank India.
“Hyderabad is doing strong in the residential front. It’s for the first time in four years that we have crossed the 8,000 mark,” said Knight Frank India’s Hyderabad director Samson Arthur. He attributed the growth to “stable and proactive” governance in the State and the robust industrial growth, especially in IT and pharma sectors.
As far as the sale of residential apartments is concerned, western parts of the city continue to be in high demand. Areas in and around the Hitec city, like Kondapur, Financial District, Gachibowli and Madhapur constituted 69 per cent of all apartments sold in the city. Proximity to the workplace and good infrastructure have been cited in the report as reasons for high demand in these areas.
Builders too seem to be focussing on the western parts of the city more than any other area. Nearly 71 per cent of new home launches in the first half of 2018 were in this region. Overall, new apartment launches in the first half of 2018 were 3,706, way more than the 2,571 launched during the same period in 2017. Interestingly, demand for homes in the higher price range also seems to be witnessing a growth. For, 46 per cent of new houses launched this year were priced anywhere between `75 lakh and `1 crore. In 2017, a mere 19 per cent homes launched were in this price range. The report also mentions that home prices witnessed an increase of 8 per cent this year.
Office spaces
The office space transaction (space taken on lease) in the city witnessed an upward trend of 15 per cent in the first half of 2018 compared to same period in 2017. However, the amount of office space added decreased by 14 per cent. However, the office space in the west part of the city is set to expand and the expansion would be observed in micro markets such as Puppalaguda, Narsingi and Kokapet. “In fact, many companies have already started moving their offices to Kokapet. Out of the total transacted office space this year in Peripheral Business District West, 29 per cent was in Kokapet,” the research states.
RERA to protect user interests: TSRERA Special Chief Secretary to Government, Revenue Department and Telangana State Real Estate Regulatory Authority (TSRERA), Chairperson, Rajeshwar Tiwari today said that with the establishment of RERA, the Real Estate Sector will be regulated and consumer interest will be protected.
Speaking at an awareness programme conducted on Real Estate (Regulatory Development) Act.2016 and Telangana State Real Estate (Regulatory Development) Rules -2017, he requested the participants to give suggestions so as to incorporate in the web application which is developed for the purpose of registration of projects and the agents through online.
