Hyderabad: The housing market in Hyderabad is poised for consistent growth, said minister Uttam Kumar Reddy at the National Real Estate Development Council (NAREDCO) Telangana's property show on Friday.
Over 75 builders took part in the three-day event.
Amid the demolitions taken up by HYDRAA, the minister said that all projects that have prior govt approval will not be touched. "We also sanctioned Rs 10,000 crore for the development of Hyderabad and will only support the real estate fraternity," Reddy added.
Homebuyers who participated in the event, meanwhile, expressed concern over the reducing affordability of properties in Hyderabad, with most not fitting their budget of Rs 1 crore or less. The majority of them said that they have stalled their plans of buying a house, in hope of a price correction in the future.
Gopanpalli Suresh, a private employee, said, "I was looking for a suitable property for my family, but most of the options at the show were beyond my budget of Rs 80 lakh. I'm hoping that prices will stabilise soon, allowing me to find a home that suits my pocket."
Another prospective buyer, Krupa Rani, echoed similar sentiments: "Most properties are too expensive. I'm willing to wait and see if there will be a drop in the prices of properties in the coming months before I make a decision."
Despite the concerns raised by buyers, Vijay Sai Meka, president of NAREDCO said he is confident about the future of Hyderabad's housing market. "We have all kinds of builders who are here. A lot of activity is being recorded in the east in Uppal, Nagole, and LB Nagar. We also believe that the north and north-east regions of Hyderabad will be the key drivers of growth in the real estate sector going ahead," he maintained.
R Venkateswara Rao, director of construction firm Vasavi Group also claimed that the "consumer sentiment is positive". "With the right govt support, Hyderabad will continue to grow its real estate," he said.