Tag: Green Meadows

WHAT’S CAUSING THE RISE IN UNSOLD PROPERTIES?

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Hyderabad has been thriving as one of the most vibrant real estate markets in the country. For numerous years, the city’s real estate outperformed the national average. The availability of affordable housing, a booming tech sector, and state initiatives were among the causes for the same. Even when other cities suffered losses, the real estate market in Hyderabad witnessed a high.

The real estate market here is credited for being disciplined, which, along with robust infrastructural development across the city, has enabled the sector to maintain an equilibrium of supply and demand. Despite the pandemic, the city’s real estate market remained quite active last year and was among all top cities – both in terms of sales and new launches. Many realtors and developers profited handsomely from this growth. However, the tendency is now shifting.

Despite numbers claiming that the realty sector picked up after the COVID-19 pandemic, the unsold residential inventory in Hyderabad has been more than 50% due to a significant number of under-construction projects. Let’s together understand what is causing this rise in unsold properties in Hyderabad. 

The rise in unsold real estate inventory:

The sale of apartments in Hyderabad has declined in the previous few months. Experts suggest that there are a startling 1 lakh unsold flats in Hyderabad. One of the reasons is multi-story buildings with a large inventory and little demand. The rise in costs is another key concern, as many purchasers are reconsidering their purchases. According to many media sources, there are nearly 80,000+ unsold flats in Hyderabad. This substantial unsold housing stock has made Hyderabad amongst the top southern cities, including Bengaluru and Chennai, with an increasing unsold real estate inventory.

Factors responsible for the rise in unsold real estate inventory:

City-based realtors point out that the cost of construction, registration charges and land rates have gone up in the past year, thus increasing the cost of under-construction apartments and to-be-built houses. Many houses which were built are left unoccupied due to high property rates. The cost of flats has increased marginally and, in turn, made them unaffordable. High inflation and the work-from-home culture have, in a way, aided this decline.

At the same time, land prices in and around Hyderabad have skyrocketed in the post-pandemic era. Rising steel and cement prices, labour expenses, and other inputs have, in turn, increased the cost of goods.

A study has revealed the unsold inventory rose by 55% Y-o-Y as the city saw a spurt in launches over the last few months. A large proportion of the unsold units are currently under construction.

A resilient market:

Despite the unsold inventory, the city has seen resilient demand for property, which is led by employees in the tech sector. The overall housing prices in Hyderabad, therefore, rose by 8% Y-o-Y. The spike in property prices is predicted to have little impact on home-buyers sentiments as their outlook towards the overall economic scenario and income stability have improved in the post-pandemic phase.

Among the main micro markets that have seen a surge in demand for residential units in Hyderabad are Ghatkesar, Malkajgiri, Medchal, Banjara Hills, Gachibowli, Kondapur, Kukatpally, Miyapur, Nanakramguda, Boduppal, Karmanghat, Kothapet, Maheshwaram, Puppalguda, Shaikpet and Shamshabad. The demand and the growth prospects in the vicinities of these regions have made these pockets the hotspots for residential markets today.

With TMR Group, own a piece of land in the growth hotspots of Maheshwaram and Chegunta. These blockbuster plots offer profitable returns on investment, with several development opportunities being proposed and developed around them. To know more about TMR Group and our plots, visit https://www.tmrinfra.com/. 

References and sources:

https://www.financialexpress.com/money/robust-sales-trim-hyderabads-unsold-inventory-to-27-months-in-q1-2022/2505197/

https://www.indiaherald.com/Breaking/Read/994496131/One-Lakh-Unsold-Flats-in-Hyderabad

https://timesproperty.com/news/post/unsold-housing-inventory-hyderabad-down-27-months-blid2110

https://www.newindianexpress.com/cities/hyderabad/2022/jun/30/hyderabad-has-82220-units-housing-units-unsold-most-in-south-2471203.html

https://www.newindianexpress.com/cities/hyderabad/2022/aug/17/hyderabad-sees-increase-in-unsold-housing-inventory-2488333.html

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: Old Hyderabad is gearing up for a new look!

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Hyderabad- the land of pearls and Nawabs! Its charm lies in not just the glass towers that line its skyline but in the by-lanes of the old city, where the hidden treasures lie. Dotted with shops that sell bangles, pearls and other jewels, and the aroma of the famous Hyderabadi biryani and bakery biscuits lingering by, Old Hyderabad has a charm of itself. It wouldn’t be wrong to say that it’s another world in the lanes around Charminar and River Musi where heritage and history combine. This world has always fascinated people from far and wide and continues to leave them in awe to date.

The resilient real estate market of Hyderabad hasn’t swayed in the past 6 years and more, inspite of the pandemic and its disruptions. The housing market has remained at the forefront as resilient and flexible and has experienced stable growth over the years. Constant efforts by the municipal authorities and the state government have to be credited for this boom. Over the years, the city has not just fared well but also topped the charts as the best city to live in the “Quality of Living Index” for years consecutively now. It continues to be among the top cities in terms of purchasing power index, safety index, healthcare index and cost of living index, property price to income ratio index, traffic commute time index, pollution index, and climate index. A booming IT sector and employment opportunities in tech start-ups and unicorns have resulted in a rise in migrant influx to the city, who now call it their home. With increased hiring and hefty pay by Info Techs and start-ups, the economy in the state is growing like never before. The demand for rising is also credited to this growth. 

The residential market in Hyderabad is a mix of end users and investors, and with the economy growing and positive traction from both, the demand is projected to stay robust in the coming years. The city’s rapid urbanization isn’t limited to its outskirts and suburbs anymore. It has now seeped into pockets of the Old city along the streets of Ghanzi Bazar, Noorkhan Bazar, Pathergatti, Aghapura and other colonies around Charminar. Old homes in these areas are now making way for modern buildings that cater to the residential and commercial needs of their new-age owners.

While many have opted to revamp their spaces, others have leased out portions of their homes to tenants. These upgrades, local industry experts observe, have pushed rates to an all-time high. Notwithstanding the caps on construction, projects in this part of the city are priced anywhere above Rs.3500 per sq. ft. Several online real estate portals list apartments in this vicinity for sale between 3,400 and 5,500 per sq.ft. In other prime locations, residents have leased out entire buildings for commercial purposes that bring them anything between Rs.1 lakh to 1.5 lakh as rent.  

All these numbers and figures highlight the growing demand for housing in Hyderabad and the growing opportunities in the state. Secure a future for your family in this city of prospects with TMR Group. Our plots in the land of future opportunities make the ideal investment for a secured future. 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 www.tmrinfra.com

TMR Booming:Hyderabad Home prices on a high with booming tech salaries!

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Google this year announced plans to build its largest campus outside the Mountain View headquarters in the Pearl City of Hyderabad. But it’s not the only one. Hyderabad is also home to giants Amazon, Microsoft, and thousands of other tech companies, unicorns, and start-ups. In just 2021, the city added 2,250 tech start-ups and 42 unicorns to its ecosystem. So let us first understand what has brought about this bloom in the city.

Ever since the formation of Telangana, its state government has undertaken various initiatives and passed several laws to promote IT development and foreign investment in the state. These measures include the HITEC City (Hyderabad Information Technology and Engineering Consultancy City) to boost information technology, engineering, health informatics, and bioinformatics in Hyderabad, the Start-up Telangana portal to promote start-ups, MoUs with Microsoft and Google to develop the local ecosystem and accelerate sustainable economic development in the city.

Evidently, the booming IT sector and employment opportunities have resulted in a rise in the incomes of households in the state. With increased hiring and hefty pay by Info Techs and start-ups, the economy is booming like never before. As a result, Hyderabad has been ranked second in the country in terms of salaries drawn. The Salary Trends Report 2021 suggests that the average salary in Hyderabad for junior level (0-5 years of experience) stands at Rs. 5.93 lakh per annum, and for mid-level (6-14 years of experience), the salary is Rs. 17.71 lakh per annum.

Simply put, these paychecks are fuelling the demand for residential properties in the land of Nawabs like never before. The Telangana government’s Municipal Administration & Urban Development (MA & UD) report states, “The city’s residential market has emerged as the ‘best performer’ compared to other metros in terms of the property price to income ratio.”

Another report by Mercer has rated Hyderabad as the best city in India in the “Quality of Living Index” for six years consecutively. It remains number one in the purchasing power index, safety index, healthcare index, cost of living index, property price to income ratio index, traffic commute time index, pollution index, and climate index.

Constant efforts by the government have ensured that the city fares well on all parameters when it comes to lifestyle and living. The state Municipal Administration and Urban Development Minister KT Rama Rao had mentioned earlier this year that the government aims to make Hyderabad one of the top 30 cities to live in globally. . “We are not competing with any other city in India – our aim is to put Hyderabad among the top 30 cities in the world so far as quality of life and economic competitiveness is concerned,” he said.

Hyderabad has not seen a single year of decline in average price per square foot since its inception in 2014. Veera Babu, the Managing Director of Hyderabad & East India, Cushman and Wakefield, a global commercial real estate services firm, credits this boom in the residential market to employment generation in the city.

Hyderabad’s residential market comprises four major districts — Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy. Of them, Medchal-Malkajgiri has recorded the highest home sales, with a share of 44% till April 2022. These increasing numbers continue to highlight the state’s growth and the rising opportunities for success in the state.

TMR Green Meadows, based in Chegunta near Medchal, make the perfect investments for a prosperous future in Hyderabad. These plots, in a 50-acre gated community, are just 30 minutes away from Medchal and surrounded by a number of growth opportunities for the future. So book your home today in this future commercial hub of Nizamabad & Secunderabad. Visit www.tmrinfra.com to know more.

Sources:

https://www.thehansindia.com/telangana/govt-aims-to-put-hyd-among-top-30-cities-in-world-says-ktr-746647

https://www.thehansindia.com/telangana/govt-aims-to-put-hyd-among-top-30-cities-in-world-says-ktr-746647

https://www.cnbctv18.com/real-estate/land-deals-are-up-almost-40-pc-than-last-and-hyderabad-property-market-is-shining-like-a-pearl-says-anarock-real-estate-report-13623182.htm

https://www.cnbctv18.com/personal-finance/hyderabad-is-ranked-top-in-terms-of-most-affordable-residential-market-compared-to-other-metros-13754332.htm

https://www.siasat.com/hyderabad-2nd-among-highest-salaries-paid-to-mid-level-techies-2263954/

https://analyticsindiamag.com/why-big-tech-firms-are-making-a-beeline-for-hyderabad/

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/