HYDERABAD: The real estate sector in Telangana is poised for sustained growth, driven by burgeoning demand from the IT and industrial sectors. Even as the state is going for the Assembly elections this month, the real estate industry remains committed to collaborating with the Telangana government to foster sustainable development, said V Rajashekar Reddy, the president of industry body Credai Hyderabad.
He highlighted the progress that the real estate sector in Telangana had witnessed since the formation of the state. He expressed confidence in the state's continued growth, emphasising the buoyant nature of the real estate sector, which extends to both residential and commercial spaces.
Hyderabad, in particular, has seen a remarkable growth of 260 per cent in the luxury housing segment during the first nine months of FY24, and this trend is expected to continue. Notably, the city has seen 2.9 million square feet of office space transactions recently. This surge is expected to drive fresh growth and demand in the real estate sector, spanning commercial, retail, warehousing, and residential properties, consequently creating job opportunities.
Credai will focus on the skill development of the workforce, in line with the demands of constructing high-rise buildings. "We will work with the Government of Telangana to make real estate the main growth engine for the State. We will continue to build infrastructure with a focus on sustainable development. We will train our member developers to adopt green building practices to reduce the carbon footprint,” he said.
N Jaideep Reddy, the president-elect, praised Hyderabad's consistent growth, attributing it to robust infrastructure development and government policies conducive to industry-friendly practices. The city has experienced an impressive 11 per cent surge in residential demand during the second quarter of 2023, even amid global uncertainties and apparent economic slowdown. Hyderabad's property market has demonstrated resilience, with an overall increase of 16 per cent in property rates over the past year. When compared to other major Indian cities with similar infrastructure, Hyderabad's real estate market offers relatively affordable housing options, he said.
