Tag: Apartments

TMR: Hyderabad residential property registrations witness a monumental high

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Hyderabad, the city of the Nizams and the pearls, has witnessed tremendous growth in terms of real estate expansion in recent years. As a thriving IT hub today, the city has expanded its horizons to accommodate the dreams of several people who now call it home. No doubt, this has translated to a surge in real estate demand, both for residential and commercial places.

While the real estate sector in many other cities continues to pick up momentum in the aftermath of the pandemic, Hyderabad has witnessed a monumental high in terms of its residential property registrations. The industry recorded a 30% YoY rise in property registrations in September 2023, compared to the September 2022 season, according to market researchers and industry experts.

Figures state that the total value of properties registered during the month stood at a whopping Rs. 3,378 crore. This figure too has increased by 42% YoY, thus highlighting the trend of the sale of more expensive homes.

The Hyderabad residential market is made up of four districts – Hyderabad, Rangareddy Medchal-Malkajgiri, and Sangareddy.

According to the report, the highest proportion of property registrations in Hyderabad in September 2023 was in the price range of Rs. 25 – 50 lakh. It accounted for about 51% of the total registrations. At the same time, properties priced below Rs. 25 lakhs constituted for about 15% of the total registrations, whilst the share of sales registrations for properties priced Rs. 1 crore and above was 9%.

Majority of these properties registered belong to the range of 1,000-2,000 sq ft, as this category of home size accounted for about 71% of registrations. The registrations for smaller homes (500-1,000 sq. ft.) however fell to 14% during September 2023, from 16% in September 2022. On the other hand, properties larger than 2,000 sq. ft., witnessed an increase in demand, as registrations rose to 11% during September 2023, from 9% in September 2022.

District wise, Medchal-Malkajgiri secured the top position with 45% home sales registrations, while Rangareddy district followed closely with 41% sales registrations. Interestingly, Hyderabad district accounted for just 14% of the total registrations in September 2023. The report also highlights that a large concentration of bulk transactions were for plush properties, which were bigger in size and offered better facilities and amenities.

Following the development activity in the city, developers in Hyderabad have prioritized the launch of larger units and independent homes, to give the market a further boost.

At TMR Group, we offer gated community open plots to build the homes of your dreams. Our vaastu compliant plots with amenities and profitable returns assure you of a flourishing future. TMR Green Meadows at Chegunta, in Medchal, and TMR Swiss County at Maheshwaram in Rangareddy offer prospects for a thriving future. To know more about these projects, visit  https://tmrinfra.com/

Hyderabad: The Top Destination for office real estate sector.

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The city of Hyderabad is known for beautiful pearl jewellery and aromatic Dum biryani, and in recent times the IT sector in the Hyderabad. No doubt, the investment in the IT sector has been a boon. For this place has become a hub for many job seekers. The constant encouragement for start-ups by initiatives like V-hub and T-hub has been a source of encouragement to young adults.

In the 1950s when the city started developing, industries such as DRDO, BHEL, HAL, and BEL paved their way for opportunities and expansion. By the 70s though, Pharma and electronic industries were established. However, the 90s experienced a change with a launch of IT industry. It is observed by experts that in the financial year 2023, Hyderabad may surpass Bengaluru in becoming the most preferred city for establishment of various companies.

Firms like Google, Apple, and Amazon have their biggest offices in the city. It is also home to thousands of startups across tech, space and pharmaceuticals. Interestingly, Hyderabad is also the Pharma capital of the country. Brands like Dr. Reddys, Aurobindo, Mankind Pharma Ltd. etc. all have their headquarters here.

The government has constantly undertaken initiatives to expand the city, by giving a boost to both real estate and start-ups. This has contributed to a hand-in-hand growth in development of Hyderabad.

The growth of industries in the city has also sparked interest in the area of development of the commercial estate. Developers are creating larger office spaces for multi-national companies and simultaneously establishing co-working spaces for start-ups, to cater to a large audience base.

According to recent reports on commercial estates, Hyderabad has offered the highest office spaces in India with accordance to 2022-2023. At the end of the quarter, it contributed a whooping 31% share in comparison to the other seven states.

It is also observed that Hyderabad’s real estate witnessed a growth of a massive 19 % growth in sales volume with over 8000+ units being sold in the first quarter of 2023.

Looking at the pace at which Hyderabad is growing, commercial and residential areas are having massive potential to expand especially in the regions that has companies established. At the same time, companies are emphasising on the work from office and hybrid working models. This has also in certain ways fuelled the demand for both commercial and residential real estate in the city.

The global recession has slowed down the growth of many industries across countries. But there’s no denying that the picture for real estate in Hyderabad was different.

An investment in land in Hyderabad, in areas like Medchal or Maheshwaram near the industrial belts of the city, will pay off generously in the future. TMR Green Meadows at Chegunta, 30 minutes away from Medchal and TMR Swiss County at Maheshwaram, mark the perfect investment opportunity for a thriving future.

To know more about TMR Group and our projects, visit https://tmrinfra.com/

The State of Affordable Housing Market in Telangana!

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The quest for a house in Hyderabad has pushed many white collared employees to the city’s outskirts recently. The local developers describe these outskirts and suburbs as “Hyderabad’s growing residential pocket.” These localities have many under-construction residential projects, which promise everything buyers like; spacious homes within desired ticket size, with a gym, multipurpose hall, club house, swimming pool, and the rest.

But these luxuries all come at a cost: The affordable housing section of Hyderabad, all are located at least 30 km away from the Hi-Tec City’s belt. Here’s why.

Developers have shifted their focus to bigger, luxurious homes; especially after the pandemic. They are only launching mega ventures which come with a base tag of around Rs 1.5 crore in the city centres.

With the pool of affordable homes shrinking rapidly, mid-segment buyers in metropolitans like Hyderabad, Pune, Bengaluru, and even Chennai are pushed to the periphery. This is a phenomenon labelled as the ‘Mumbai-fication’ of Indian cities  by industry experts.

According to a recent report released by market researchers, the share of affordable housing across the top seven Indian cities dropped to 20% during the first quarter of 2023. From the total 1.14 lakh units sold in this period, affordable housing comprised approximately 23000 units. This share was close to 40% a few years ago.

An annual proprietary study released in 2022 had also quoted Hyderabad as the most expensive city after Mumbai. The study noted that the home buying affordability level in the city has declined since 2021.

This leaves the IT and pharma professionals with average paychecks, with no other option but to opt for affordable homes. However, houses in the Rs 50 lakh-60 lakh bracket are at least 30-40 km away from city centres. Hence they are also often left in the dilemma to either commute for hours both ways or pay a fortune towards rent to stay in the city.

On a pan-India basis, affordability  of homes worsened marginally for the first time in 10 years in 2022. Affordability levels had improved even during the pandemic-impacted years of, as the government had aggressively cut policy rates to increase liquidity in the highly stressed economic environment.

Real- estate experts believe that once again the government can play an instrumental role in this. They believe that the solution to this disparity in the realty market lies in revising government policies. The need of the hour is for the state machinery to play the  role of a balancer, and not drive up land prices and make them unaffordable to people.

Despite the rise in home prices, home affordability has only marginally reduced in major cities of the country. The reduced affordability index has also been cushioned by a rise in incomes and growths in GDP. This augurs well for the industry and will help the residential market maintain its momentum.

Open plots in gated communities by TMR Group, with their Never Before Ever After Deals are the ideal investment in the peripheries of Hyderabad. While their location near NH-44 and Outer Ring Road allow easy, stress-free commute to the city, the developmental projects in the vicinity allow ample opportunities for growth. Why invest in apartments, when you can get open plots to build your dream home at the same rate?  Visit https://tmrinfra.com/ today for more details.

References:

https://timesofindia.indiatimes.com/business/india-business/what-happened-to-affordable-house-market/articleshow/99527553.cms?from=mdr
Buying home in Hyderabad most expensive in country, next only to Mumbai

Hyderabad: A hotspot for open plots!

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The demand for housing in Hyderabad stands witness to the growth of this city. With incentives and initiatives by the state of Telangana to boost the economy, the iconic city is now thriving as one of the biggest IT hubs in the country. Excellent standard of living across all parameters, opportunities for growth and secure investments has made it the choice of residence for young and old alike.

The major reasons behind the growth of the Hyderabad real estate market include infrastructure development projects undertaken by the Telangana state government and investor friendly policies. Several companies are expanding their operations in the city, including international giants like Amazon, Google, Microsoft and the rest. Several skilled professionals therefore are migrating to Hyderabad for better work opportunities and making this city their home. Hyderabad is today one of the top destinations for realty investments in the country.

A recent study has highlighted that southern cities are leading the demand for residential plots in the country. Notably, Hyderabad has witnessed the maximum price appreciation in plots.  The demand for plots and independent floors has significantly strengthened after the COVID-19 pandemic. Residential land is also believed to be a better investment option than buying a flat in apartment. Reports say that plots have generated higher capital returns in India. Experts say that one of the reasons for this demand could be the limited supply of plots in big cities because of paucity of large land parcels in the urban centres like Hyderabad.

Home buyers today are looking for either high configuration homes or private lands to build a home that’s customised to suit their needs. The continuance of Work From Home (WFH) policies and cultures and need for space is predicted to be one of the major driving forces for the same. A demand for plots has been in the range of 900 sq.ft to 1800 sq.ft has been noted. Other factors that have contributed to this demand include the reduction in premium charges and stamp duty in the real estate sector across states.

With the revival in the demand for plotted development, a number of well-known real estate developers have ventured into the plotting business. Unlike earlier decades, where owners of vast tracts of open land would plot their land and sell them as individual units, with several big developers joining the bandwagon, gated plot communities are booming in the business.

Medchal, Adibatla, Ghatkesar, Shankarpalli, Patancheru, Tukkuguda, Maheshwaram and Shadnagar are today amongst the top locations in Hyderabad for investments. The growth prospects in the vicinities of these regions have made them the hotspots for residential markets today.

Plots have undoubtedly become a go-to choice of investments in the post-pandemic real-estate marketplace. Additionally, a well-chosen land offers higher returns on investment when compared to apartments. With TMR Group gated communities you have multiple opportunities in this city of prospects to grow. Our plots in the lands of future opportunities make the ideal investment for a secure future for you and your family. Become a part of our gated communities across the state with a blockbuster discount this Sravana Masam across all our projects in Hyderabad. To know more about this offer, and other projects, visit https://www.tmrinfra.com/

TMR: RERA & homebuyers: A long road ahead!

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We all dream of owning a house one day and then often spend a lifetime earning and saving to make it come true. To put your entire hard-earned money into something uncertain is really scary. Several questions pop up in our minds when we decide on finally buying a home. Right from the location and setting of the residence, to the credibility of the developer. Top it with arrangements for capital, EMIs, thoughts of delays in the project, or worst-case scenario, it getting failed, and we have the perfect recipe for stress.

Until a few years ago, home-buying was riskier than today. Cases of developers leaving projects halfway, duping buyers and the lack of legislation in place were a common sight. This is when RERA came into the picture. 

What is RERA?

At its heart, the Real Estate (Regulation and Development) Act, 2016, (RERA) was passed by the Indian parliament to protect the interests of home buyers. Alongside, it brought a ray of hope for the real estate sector. It was established to address the problems of home buyers and regulate the real estate sector. The act makes RERA registration mandatory for every building that has more than 8 units or land under development measuring more than 500 sq.m. The code aims to create a favourable market and bring transparency in transactions between property sellers and buyers in the primary market.

Objectives of RERA

  • Maintain transparency in the process of the transaction, and bring down scams and fraud
  • Bring a standard PAN-India code for real estate
  • Bring a sense of responsibility for both buyers and sellers
  • To enhance confidence among investors and in turn the credibility of the real estate sector

Telangana State Real Estate (Regulation and Development) Rules, 2017

When the parliament passed RERA in 2016, it mandated every state and union territory to form its own regulating body and frame rules to govern the functioning of the sector in their region. Therefore, Telangana State brought the RERA rules into action in 2017. Known as the Telangana State Real Estate (Regulation and Development) Rules, 2017 these apply to all real estate projects, whose building permissions were approved by the authorities on or after January 1, 2017. Alongside, the TSRERA provides many services for home buyers, developers and real estate agents. With this, the authority aims to promote the ease of doing business in the state.

Rights of home buyers under RERA, 2016

The Real Estate (Regulation and Development) Act, 2016, lays down certain rights for home buyers. These include:

Right to obtain project information: Every buyer or allottee has the right to obtain information about the project in question, its sanctioned plans, layouts, RERA registration number and other specifications.

Right to know about project completion and schedules: Buyers and allottees have the right to know about the stage-wise project completion, and provisions by the developer for sanitation, electricity, and all other amenities mentioned in the terms and conditions of the agreement.

Right to claim possession: A buyer or allottee has the right to claim possession over the property and other amenities when the formalities are complete and remuneration paid. Along with this, they also have the right to claim their documents when handed possession of the property, including the layouts and plans for common areas.

Right to refund: If the developer fails to comply with the terms of the agreement or is unable to hand over possession in tune with the terms of the agreement, the buyer has the right to claim interest and compensation from the developer.

Impact of RERA

The implementation of RERA has had a positive impact on the real estate sector across the country. It has revived the confidence of home buyers and this field continues to thrive with investments even in the post-covid era. Cases of fraud and scams have witnessed a massive fall. With RERA in place, a developer cannot demand more than 10% of the total project cost as advance and application fees. This has saved buyers the stress of having to accumulate unfair amounts of capital in haste.  Developers also have to quote the exact carpet area in all agreements, which helps a buyer understand the exact area and expenses.

RERA, with its implementation, has boosted transparency in real estate and revived the sector. At TMR Infra, we believe in maintaining transparency in all our transactions. Our beliefs and quality have helped us build a community of thousands of happy customers in Hyderabad. Become a part of our 50-acre gated community, in the land of the future at Chegunta, just 30 minutes away from the Medchal highway. To know more about us and other projects, visit https://www.tmrinfra.com/