Source: Business Standard
Growth was on the back of improved economic activity seen during the past six months that led to a better market sentiment
Hyderabad saw a 67% increase in residential unit sales during 4Q14-3Q15 compared with the same period a year ago. The number of units sold stood at 7,000 during the period as against 4,200 last year.
The growth was on the back of improved economic activity seen during the past six months that led to a better market sentiment. Corporate houses were also coming in as the political environment has improved with the formation of Telangana, said real estate research firm JLL in its report on Monday.
As the government goes all out to bring investments, heightened economic activity can be expected to further bolster the residential realty market.
In the last three quarters alone, launches picked up increasing by more than 1.5 times since last year. Capital values also witnessed a significant rise of 5-10%, year-on-year, after many years of seeing sub-5% rate of appreciation. JLL stated the city was likely to witness further price rise going forward.
Western sub-market
As of 3Q15, the western sub-market has already gone past the previous highs of 2008 in terms of launches. Being the key IT hub with Hitec City and Gachibowli as its main precincts, the area has seen over 85% new launches in the past three quarters of 2015.
Meanwhile, the upcoming metro rail will boost the East-West corridor. As the existing commercial hubs of Hitec City and Gachibowli get saturated, the eastern sub-market - with its comparatively lower rates - will provide for a new alternative and spur growth in an otherwise-dormant side of the city's real estate market, it stated.
Proposed satellite townships along the outer ring road (ORR) and the Tellapur integrated township project will have a long-term impact, it said.
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