Ray of hope for realtors
After the confused times that the year 2009 witnessed on the real estate sector, what exactly could be in store for the year 2010? Will the New Year usher in some good tidings for the construction industry, which hit obstacles such as global economic recession and then the Telangana agitation to end up in a state of distress?
The property portal 'Makaan.com' has come out with an analysis of the residential real estate market that covers different cities including Mumbai, Delhi/ NCR, Bangalore, Chennai and Kolkata that covers the highlights for the year 2009 and seeks to provide some projections for the New Year that has just begun.
The projection aspect as analyzed by portal seeks to give trends for the next 12 months and says that the demand for residential homes in the city would continue to rise but the pace of growth would 'get muted'. The property prices were projected to move in a narrow range and not witness any major fluctua-tiqja either on the up or downside with the demand remaining highly elastic described as every attempt of a price increase being met by a fall in demand.
The portal's projection also look at the bulk of the demand continuing to be in the affordable and mid-segment with the demand for super luxury housing largely driven by the NRI and affluent population likely to continue. Also, it is expected that known developers with proven track record of project delivery would find favour over the less established ones.
The study 'Hyderabad Residential Property Trends:2009' by the portal also noted Hyderabad emerging as the 4th most popular property hotspots of the country behind Mumbai, Delhi/NCR and Bangalore. The city ac- counted for 7.1 per cent of the total property demand in the above cities, the demand being equal to number of searches conducted on the website. The growth in affordable housing was documented as another highlight of the year 2009 and from the data available with it, the portal study put 86 per cent of total demand in the city being for the affordable housing.