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Telangana Real Estate Developers Association forecasts realty price upsurge
Telangana Real Estate Developers Association (TREDA) made a forecast on reality prices in the state particularly in the capital city and said that key factors --RERA and GST implementation -- would drive prices of both commercial and residential properties in the next few months.
Hyderabad: Telangana Real Estate Developers Association (TREDA) made a forecast on reality prices in the state particularly in the capital city and said that key factors --RERA and GST implementation -- would drive prices of both commercial and residential properties in the next few months.
Sunil Chandra Reddy, Secretary General at TREDA, has projected price rise in real estate prices in next few months. “We expect impact of GST, note ban and RERA on real estate sector in Telangana. As a result, the prices would go up by Rs400 to Rs450 per sft owing to demonetisation, RERA and GST,” Reddy told the media here on Monday.
Hyderabad will continue to see demand of about five million sft commercial space a year. Though the supply has been lower than the average demand, the supply will increase next year as there are many projects that are under construction, according to TREDA.
The impact of demonetisation, Real Estate (Regulation & Development) Act (RERA) and the GST will ultimately impact the end consumer as builders and manufacturers of building raw materials would pass on the tax burden.
The realtors’ body president P Ravinder Rao announced that the 8th edition of ‘TREDA Property Show’ would take place during October 27, 28 &29 at Hitex here.
“As many as 166 stalls of real estate developers, builders, banks and financial institutions will be set up during the three-day event. TREDA members are in the process of constructing a total of 8,691 units under the 2-bedroom housing project of the state government,” said Rao.
Treda further sees stability in Hyderabad real estate market, while mentioning that the pearl city is one of the most affordable markets in the country in terms of cost of real estate.
“With several infrastructure projects coming up, Hyderabad is a very steady market and will grow more in the next three years. We think the prices will definitely go up and obviously because of huge commercial absorption. The residential rates are also bound to go up,” said Reddy.
The renewed demand and also the higher cost impact of the new legislations would add to the price escalation, said TREDA. TREDA executive vice-president R Chalapathi Rao said: “Initially there will be teething problems. The government has good intention and TREDA is welcoming and supporting all these measures.”
