City hot and happening on property map
A Nationwide survey taken up by real estate website Makaan.com shows the city emerging as the third most preferred real estate’ destination in 2010.
Despite a horde of issues that pulled the real estate boom badly down, Hyderabad retains its lustre as a sought after destination among property seekers.
From global recession impacting the property scene in no uncertain terms fol-Jowed by the political uncertainty that prevailed in the-wake of the former Chief Minister Y.S.Rajasekhara I Reddy"s death in helicopter crash to Telangana agitation staging a comeback had ended up in cumulatively affecting the prospects of real estate in the city and suburbs. Yet, Hyderabad has not lost its sheen and continues to bleep on the property radar.
A recent nationwide survey taken up real estate website, Makaan.com has ended up showing the city as third most preferred real estate destination in the year 2010. The city was behind Delhi and Mumbai.
The survey that sought to gauge the real estate trends for metros and tier-II cities of the country has Delhi topping the charts with 34 per cent buyers wanting to buy a property there followed by Mumbai with 28 per cent interested buyers and Hyderabad along with Bangalore sharing the third spot with 11 per cent each.
The survey ‘ Realty Trends 2010’ observed that the sector this year is going to be driven by end user. Given recession and fluctuating property prices, the property seekers were shying away from making a purchase last year but this year could be different. Also noted happens to be the argument that this year, majority of property buyers could be looking at it for self-consumption. "This confirms the fact that speculators which drove the real estate boom in 2004-07 are more are less out of the market," the survey observes.
Even those looking at property as investments are the long term investors. The findings of the survey which has a majority of participants in the age group of 26 years to 35 years record 67 percent of the national property seekers wanting to buy a house for self consumption, 23 percent looking for property options from a long term investment perspective while short-term investors have 10 percent takers. The Makaan.com survey which aimed to narrow down on the most preferred areas among home buyers for real estate purchase in the city this year had 49 per cent looking at owning a house in Greater Hyderabad followed by 36 per cent interest in the main city while 13 per cent survey takers showed preference towards Secunderabad.
Commenting on the survey findings, Aditya Verma, Business Head and vice-president of Makaan.com says, "with economies stabilising around the globe, the domestic market has also started showing signs of recovery and the buzz around property has started again".
Yet, given the experience of last few years a buyer seem to have turned more wiser and is willing to exercise more caution when it comes to either putting his hard earned money or approach for a loan for a property. The 'Realty Trends 2010' trends points this out stating that 'this time the buyer is more discerning and scrutinising while investing their money in projects'.
As far as the city is concerned, a lot could hinge on the various mega projects that are in various stages of completion around the city suburbs. This include the 158 km long outer ring road which when takes a shape promise to give a new impetus to property matters with the coming of a host of residential colonies and commercial spaces all along its path.