The city of Hyderabad is regarded as the fastest growing and developing destination for all sectors due to its affordable cost of living, cosmopolitan culture, moderate climate, robust civic infrastructure, ease of travel, warm people, world-class healthcare facilities, talent pool, and abundant economic opportunities.
The city's reputation as a technical hub attracts people from all over with more career opportunities, increasing real estate demand. Take a look at some key reasons behind the growing real estate demand.
Hyderabad real estate growth is driven mainly by these 5 factors!
1. Remarkable infrastructure and excellent living conditions
The government has recently made several investments to improve the city's infrastructure. It is evident in the development of Western Hyderabad, the financial district, genome valley, the Nanakramguda area, the Rajiv Gandhi International Airport, the multiple flyovers in the city, etc.,
With these infrastructural advantages, there is a considerable increase in career opportunities. In terms of living standards like infrastructure, cleanliness, safety, drinking water availability, lower pollution levels, etc., Hyderabad has consistently ranked higher than other major cities in India in recent times.
Due to these factors, people have been moving into the city, causing the demand for housing to rise and affecting the demand for real estate.
2. Political stability and the state government's commitment to economic growth
The bifurcation of the erstwhile state of Andhra Pradesh has brought about political certainty in the city. As a result, numerous initiatives were undertaken by the state government; some areas or suburbs of the city were designated as Special Economic Zones.
In addition, a large cluster of land was allotted for Pharma City and many more. These initiatives encouraged businesses to invest here. Due to the city's growing population and rising demand for real estate, investors also began showing interest in the city's real estate industry.
To boost the real estate sector and facilitate transactions between buyers and sellers, the Telangana State Government has enacted many regulations. Several government policies, including RERA, GST, and previous demonetization, have benefited buyers and sellers of residential property. Real estate has undoubtedly benefited from this.
The RERA is one of the regulatory measures that has sparked buyers' interest in investing in the real estate sector. A mandatory registration requirement and harsh penalties are part of this act, which advocates for complete transparency.
3. Ease of doing business and smart governmental initiatives
As a hub of large industries and businesses, Hyderabad is experiencing a boom in office space demand. Business Today ranked Hyderabad as the fourth best place to live in India as the world's third most affordable office location.
According to the World Bank, Hyderabad ranks second for 'ease of doing business in India. Despite the pandemic, Hyderabad has constantly risen in residential and commercial prices over the last three years. For investors and end consumers, Hyderabad remains a desirable place to buy residential and commercial properties.
Residential and commercial projects in the mid-segment are expected to drive real estate sales in Hyderabad in 2022 and beyond. Combining these factors makes Hyderabad a great job hub and place for businesses to establish a base.
The government initiatives have stirred the slumbering markets to life. The government has dispersed markets once concentrated in certain parts of the city through strategies like Look East, Look North & Integrated Township Policy.
DEMA is now reaching out to the fringes of the markets in a smarter way. The government has also approved 5 IT parks to stimulate development. Efforts are being made to avoid saturation in Hyderabad and provide new opportunities.
4. Scope of expansion of the city and cost-effective properties
It is expected that Hyderabad city will grow even faster, according to industry experts. It is no secret that many families in Hyderabad were exploring the possibility of owning their dream homes even during the pandemic. By this, we can conclude that the city's scope of expansion is a never-ending process.
The city of Hyderabad is undergoing a lot of growth and development. Thus, many new apartments and properties are available at relatively low prices in Hyderabad, thanks to the best real estate developers.
Compared to Delhi, Mumbai, Bangalore, or Chennai, gated communities in the city provide cheaper flats, plots, and apartments.
Apartments, homes, and flats are readily available, and rents are lower than in other cities with similar carpet areas. Due to low prices and high demand, Hyderabad's real estate market has solid growth potential. As a result, it is an attractive option for investors and homebuyers.
5. Better Commutation facilities along with vibrant cultural heritage
The major adding point to the city is its amazing connectivity and improved commutation facility. The Outer Ring Road and the Metro Rail Project connect the strategic localities of the city. You can reach any part of the city through Ring Road with the least traffic congestion. The enhanced connectivity stimulated the real estate industry at large.
The Outer Ring Road, four-lane highways, and traffic decluttering efforts made Hyderabad the right destination for the rising real estate sector. With more and more people looking to call Hyderabad home, the real estate market will continue booming in the years to come.
The city of Hyderabad has vibrant culture and heritage. It offers a comfortable living experience making people think of it as a home. The cuisine is renowned for its taste and variety. People from different cultures appreciate the fusion of numerous food habits and cuisines.
All the above reasons convey that the real estate market across all zones of Hyderabad has enormous scope for growth. For more information about real estate news and updates, visit our website https://rera.news/.
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