Hyderabad: The Confederation of Real Estate Developers Association (CREDAI ) President said that they were hoping that there would be reduction on construction material tariff and expressed hope that there will be a uniform or reasonable level of tariff between 12 to 18 percent in the coming Union Budget.
The CREDAI has elected its new committee including Mr. P Ramkrishna Rao as its President V Rajsehkar Reddy as General Secretary Mr. C. Murali Mohan Mr.K. Rajeshwar Mr. Venu Vinod and Mr. Jaideep Reddy as Vice President Mr. Aditya Gowra as Treasure and Mr. Shivraj Thakur and K. Rambabu as Joint Secretaries.
Outlining the agenda before the new Executive Committee at a very crucial phase which is on a threshold of exponential growth as the policies by the Government are pro industry Mr. Ramkrishna Rao pointed towards strong continued momentum in the Hyderabad real estate sector, the newly elected members of Credai Hyderabad said reasonable real estate prices would sustain growth in the coming years.
P Ramakrishna Rao, President, Credai Hyderabad said, “The real estate sector in the state and Hyderabad, in particular, is on the threshold of exponential growth. The new Credai team hopes the Government will rapidly implement plans for single window approval for real estate projects to facilitate this growth.”
The new team is to focus on consumer satisfaction and skill development of the members to improve efficiency and adherence to ethical standards of operation in the industry.
While the Outer Ring Road has provided multi-dimensional connectivity to various locations in the city, the Gachibowli financial district and hi-tech corridor has become a major commercial hub, with IT companies expanding their base. This has been backed by the construction of new office spaces and retail outlets.
Office space leasing for the first time overtook that in Bengaluru and has the potential for further growth provided the government takes initiatives to improve infrastructure, Rao said.
The Hyderabad real estate market registered a 30 per cent increase in the residential sector. In the past few years, unsold residential inventory in Hyderabad has declined at an overwhelming rate. Property sales have increased significantly by 16 per cent over the previous year, he said.
V. Rajashekar Reddy, General Secretary, Credai, Hyderabad said, “The new team will focus on identifying growth areas and will work closely with the government to get the policy stimulus. In 2018, foreign investments rose in India, with Hyderabad emerging as a leading investment destination in the South. This would further boost the demand for real estate in the city.”
With the implementation of the Telangana RERA, there has been a polarisation in the sector, with the gradual elimination of unorganised operators.