The Confederation of Real Estate Developers Association of India (CREDAI) Hyderabad announced the appointment of a new management committee for the period 2021 to 2023, who will be responsible for spearheading and strengthening the CREDAI initiatives in Hyderabad and support the development of the sector in the region. The new team will continue to be led by Mr. P. Rama Krishna Rao who is re-elected as the President, Mr. V. Rajashekar Reddy was re-elected as General Secretary. Mr. G Anand Reddy, Mr. Kacham Rajeshwar, Mr. N. Jaideep Reddy, Mr. B Jagannath Rao as Vice Presidents, Mr. Aditya Gowra as Treasurer, and Mr. Shivraj Thakur and Mr. K. Rambabu as Joint Secretaries and others who will all work together for the betterment of the Hyderabad real estate sector.
The COVID -19 pandemic has affected all industries. However, despite the turbulent times, the city emerged as one of the most resilient markets amidst the crisis. The new CREDAI team will help the members in the skill development of staff for better efficiency, adoption of new technologies, and adherence to ethical standards of operations in these trying times while operating with a focus on consumer satisfaction.
Outlining the agenda of the new Committee Mr. P Ramakrishna Rao, President, CREDAI Hyderabad said, “We have been navigating through the most turbulent, challenging, and uncertain business environment due to the pandemic. Despite turbulent times, Hyderabad has emerged as one of the most resilient markets amidst the crisis. The real estate sector in the city has been performing better than the rest of the country in terms of demand and supply of residential properties, commercial property, and office leasing, retail besides attracting investments. The proactive policies of the government, pioneering single-window approval platforms like TS-iPass for industry, and TS-bPass for real estate approvals have played a pivotal role in driving growth and attracting investments, not impacted by the pandemic. The Growth in Dispersion (GRID) policy, will also help to decongest the development in the Western part of the city and spread the growth across the city, creating more avenues for growth of commercial, retail, and residential real estate. This will also continue to keep the city attractive for long-term growth and development as new growth corridors will emerge. Overall, the real estate sector will continue to be on road to rapid growth and go beyond the pre-pandemic levels.”
Mr. Rao further added, “Moreover, the GO’s issued by the government to treat the pandemic as ‘Force Majure’ event and extend the validity of approvals by ULB’s and other state agencies by 12 months and extending the facility for payment of development and capitalization charges in installments would help the developers proceed with the execution of the projects. The city has been leading the country in terms of the new project launches (almost 2x rise in launches on Y.o.Y basis), the narrowing gap between demand and supply in the city will sustain the growth and bring the price escalation. We are also witnessing a demand for bigger 2 BHK and 3 BHK units – to facilitate the setting up of the home office, which indicates a requirement for an upgrade by existing users. We are quite hopeful that backed by a stable, proactive, and pro-development government led by Hon’ble Chief Minister Shri K Chandrashekar Rao and the reasonable pricing of the real estate, we foresee a continued momentum in the real estate sector in the city.”
Adding to this Mr. V Rajashekar Reddy, General Secretary, CREDAI Hyderabad added, “The new team at CREDAI Hyderabad will focus on identifying growth areas and will work very closely with the government to get the policy stimulus, that will help develop the real estate sector in the state and make it a model for others to follow. Over the past few years, we have adopted our business plans in line with the demand and have adopted advanced techniques, better practices to bring out exclusive projects within the reach of the common man. After years of hard work, the prospects for the real estate sector in the city look bright. According to reports, the city has achieved a 39% growth in sales in Q1 of this year with the least unsold inventory amongst the leading 8 major cities in the country. Hyderabad has contributed to about 30% of new launches in the country for Q1. To facilitate the sales, we would request the government to provide a periodic relief in the registration charges to help hasten the sales.”
Mr. Reddy further added, “According to the recent IT and Industrial report presented by the government the city has witnessed an export growth of 12.98% and an employment growth of 8% in last fiscal. This is twice the national average. The city has been attracting investments from global corporations like AWS for 3 data centers, pre-leased commitments by Legato and Qualcomm (about 1.8 Mn Sft), and projects planned and under construction Wells Fargo and Genpact (over 1.4 Mn Sft) will drive more employment. The last fiscal year saw TSIIC develop 10 new industrial parks with the allotment of 810 acres with 453 industrial projects. TS-iPASS has attracted a cumulative investment of Rs. 2,14,951 Crore creating 15.6 Lakh jobs. This fiscal the focus is on Food processing and EV’s (with a commitment of investments of Rs. 4000 Crores), besides investments in Genome Valley for life sciences R & D, investment of Rs.1000 Crores committed by Kitex garments. This will add more industries driving the growth in the state and attracting fresh talent from varied domains. It will trigger fresh growth and demand across the asset classes. We can foresee the demand to increase significantly across Commercial, Retail, Warehousing, and Residential real estate. With the second wave behind us and an extensive vaccination drive by private and government initiatives, the city will be on course for a quick recovery and fast growth. We are on the cusp of a new era for the real estate sector as higher demand from young professionals for both self-use and investment options in mid and high-end segments is observed even during the pandemic in Hyderabad. We can look forward to a great year ahead.”