Hyderabad: Hyderabad realty sector is showing a sign of revival as it recorded positive growth in the first quarter of 2021 when compared with the same quarter of 2020.
According to JLL (Jones Lang LaSalle Incorporated), a global real estate services firm specialising in commercial property and investment management, the sale of properties in Hyderabad, Kolkata, Chennai, and Pune has increased in Q1 of 2021 when compared to Q1 of 2020. As per JLL’s ‘Q1 Residential Market Update’, Hyderabad reported a growth of 123 percent in the residential market segment.
Out of the sales of properties in Hyderabad, 65 percent took place in Gachibowli, Manikonda, and Kukatpally, the report added.
Another property consultant, Anarock also reported positive growth in the reality sector. As per its report, new properties in Hyderabad witnessed a 273 percent increase in Q1 of 2021. It also reported that the overall housing sales increased in Hyderabad.
Reason for rise in demand in realty sector
Citing the reason for rise in demand in realty sector, Chairman of Anarock Property Consultants Anuj Puri said that stamp duty cut, home loan rates reduction, discounts by developers played a key role.
It may be mentioned that due to pandemic and the lockdown had impacted many sectors including realty. Many realty projects had came to standstill.
However, after government lifted lockdown, the realty sector in Hyderabad started showing positive growth. Vaccination drive further helped in revival of many sectors including realty.
Although, various cities in India showed positive growth in reality sector, Hyderabad recorded the maximum rise in sales.