Real estate will bounce back soon: Credai Hyderabad

Hyderabad: The Confederation of Real Estate Developers Association of India (Credai) Hyderabad, has expressed confidence that the real estate sector in the city will bounce soon back even though the economic crisis triggered by Covid-19 pandemic has created problems for the key sector.

The city's real estate players have introduced optimization strategies to mitigate the current impact. As the situation gets normal and the business recovery gains momentum, the real estate sector will start recovering at a much faster rate as compared to the other metros in the city, the realty body said.

"Covid-19 is an unprecedented crisis, which has severely impacted business and individuals alike. The lockdown imposed to contain the spread severely impacted the construction activity and caused delays in the plans for the developers impacting both the developers and homebuyers. With unlock-1, we faced numerous challenges, but we are determined to get the industry back on track," P Ramakrishna Rao, president, Credai Hyderabad, told the media on Friday. Building permissions, tax issues, labour shortage and price escalations of raw materials and other issues are crippling our growth and are a major concern for all developers, Rao said. "We had met KT Rama Rao, Minister for Industries and Municipal Administration, to discuss the challenges faced by the sector and steps to be introduced to bring in a positive outlook in the market. Our meeting was very effective, and he has assured us full support," he said.

V Rajashekar Reddy, General Secretary, Credai Hyderabad, said, "With an estimated investment potential of Rs 31,379 crore (as on March 2020), the outlook for the real estate in Hyderabad is very positive and the sector will witness unprecedented growth in the next three to five years".