Telangana's Real Estate Sector Faces Slowdown Despite Dasara Festivities
The real estate sector in Telangana, particularly in Hyderabad, has seen a lack of enthusiasm and activity during the Dasara season, despite being considered an auspicious time for buyers, builders, and developers.
Real EstateTelanganaHyderabadDasaraProperty MarketReal Estate NewsOct 04, 2024
According to Praneeth Group Managing Director Narendra Kumar Kamaraju, the systems in place were not functioning to the expected level, and there was no clarity on Dharani portal or Bhoomatha as announced by the State government. This has led to consumers and the market adopting a wait-and-watch mode.
Narendra Kumar also mentioned that Amaravathi is not being considered for investments, as it is still a long way off, and not much action can be expected for at least the next four to five years. He predicted that the market will not revive before 2025 or mid-2026.
IRA Realty Managing Director Narsi Reddy expressed similar opinions, stating that enquiries should have gone up from July end, but the enquiries in Shravanam were not encouraging. The HYDRAA demolitions also had a negative impact on the market, leading to a lot of negative sentiment among customers.
Narsi Reddy suggested that the government should consider real estate as one of the key development factors in the State, as it is a major industry that generates employment and contributes revenue to the government. He emphasized the need for driving positivity in the market.
About Praneeth Group\nPraneeth Group is a leading real estate developer in Telangana, with a focus on delivering high-quality residential and commercial projects. About IRA Realty\nIRA Realty is a prominent real estate company in Telangana, offering a range of services including property development, construction, and consulting.
Frequently Asked Questions
Why is the real estate sector in Telangana facing a slowdown?
The sector is facing a slowdown due to various reasons, including lack of clarity on Dharani portal and Bhoomatha, delay in building permission approvals, and negative sentiment among customers following HYDRAA demolitions.
What is the impact of the slowdown on the market?
The slowdown has led to a decrease in enquiries and bookings for new properties, with many big players in the field shutting down their offices in a few areas due to poor enquiries and sales.
What is the prediction for the market revival?
According to Narendra Kumar Kamaraju, the market is not expected to revive before 2025 or mid-2026.
What is the suggestion for the government to boost the real estate sector?
Narsi Reddy suggests that the government should consider real estate as one of the key development factors in the State, and drive positivity in the market.
Why is Amaravathi not being considered for investments?
Amaravathi is not being considered for investments as it is still a long way off, and not much action can be expected for at least the next four to five years.
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