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.
Related News Articles
Embassy REIT Raises Rs 2000 Crore in Debt: A Strategic Move in the Real Estate Sector
Embassy Office Parks REIT, one of India's leading Real Estate Investment Trusts (REITs), has successfully raised Rs 2000 crore through the issuance of Non-Convertible Debentures (NCDs). This move is expected to strengthen the company's financial position
Indian Real Estate Market Sees Significant Shift: House Selling Time Slashed by 31%
India's residential real estate market is undergoing a major transformation, with house selling time reduced by 31% in 2024 compared to 2019.
The Impact of Real Estate on Socio-economic Development
Sh. Kuldip Narayan, IAS, Joint Secretary & Mission Director (Housing for All), Ministry of Housing & Urban Affairs, highlights the significant role of the real estate sector in fostering socio-economic development.
Is the Jagtap Family Losing Grip on Chinchwad Politics?
The Jagtap family has long dominated the political landscape in Chinchwad, a bustling suburb of Pune. However, recent developments suggest that their stronghold may be weakening. This article delves into the factors contributing to this shift and the impl
Navigating the Challenges: Is Goa's Cashew Industry on the Decline?
The cashew industry in Goa, once a major contributor to the state's economy, is facing significant challenges. Factors such as the real estate boom, changing market dynamics, and environmental concerns are reshaping the landscape. This article explores th
K Raheja Corp Secures Rights to Revitalize Pleasant Palace Housing Society in South Mumbai
K Raheja Corp, a prominent real estate developer, has secured the rights to redevelop the esteemed Pleasant Palace housing society located in the upscale Malabar Hill area of South Mumbai. Spanning over 6,000 square meters, this property presents a signif