Demand peaks post pandemic, real estate sector hopes to flourish

The real estate sector that witnessed several highs and lows this year is pinning all good hopes on 2023. Visakhapatnam being chosen as the executive capital and the government moving ahead with its plans, is likely to create a conducive atmosphere for the realty sector in the Steel City to flourish this year.However, the construction of projects such as Bhogapuram international airport will give a flip to the realty sector.

Vizag, the most happening place in the State, continues to draw an influx of people and this pushes the demand for houses. As the metro cities have reached saturation in terms of development and occupancy, now the focus is on tier two and tier three cities which have an abundant scope for development. Post-covid, there has been a growing demand for affordable housing as the middle class and upper middle-class are showing more inclination to buy houses.

In tune with the changing tastes of people the builders are coming up with projects having amenities like club houses and other features such as a gym, pools etc. with cosmopolitan cities, said Bayana Srinivasa Rao, chairman of CREDAI. Home buyers who earlier adopted a wait-and-watch policy, are going for procuring the house as they feel it is an opportunity and there may be an increase in prices in near future, Rajesh, a software employee, said.

According to Obula Reddy, chairman of Honey Group, the year 2023 will be very good for real estate. “The flats with a budget of Rs 35L are doing good sales. There was no slump in the real estate and sales were high in December compared to corresponding period last year,” he added.