The last quarter of 2016 struck all of India with major impacts on real estate sector. In terms of Hyderabad city, the real estate sector have been really promising this quarter. The initiatives taken by the government have been fairly positive towards the residential sector. After demonetisation settled down, the GHMC recieved a total of 154 crore as it begun its decision to accept the banned currency from property tax payers. This meant that the currency accepted from the defaulters could be used in a constructive manner.
Hyderabad’s realty experts have expected that Hyderabad commercial market will soon become the leading market all over India, latest by 2018. The main reason behind this is the healthy accomplishment of affordable housing which therefore boosts the residential market as well. As the newly reputed companies are starting to set their base in the city, the residential supply in Gachibowli, Hitec City and Raidurg will increase. These residential sector are expected to be consumed by the expected increase of employees from 4.3 to 4.7 lakhs within the next 12 months.
Noida was just taking an improvement hike drive (led by the state government) this year. Moreover, the 5 percent hike in the office rental worked successfully for the eastern market of Noida Real Estate. Some of the government directives were the return of unused rental land by developers so as to pay up the pending rent that was due to the authorities. The money which will be collected back will be used for project completion which will dissolve the problems between buyers and builders in Noida.
Noida-Greater Noida metro received a net amount of Rs 406 crore boost from NCR planning board for the better conductivity of the travelers. This particular project worth Rs 5,533 crore will enable comfortable travel in National Capital Region and add strength to the connectivity between NCR towns.
This growth in infrastructure will give a rise to the residential complexes of Noida. Developers are now focusing on providing better-executed societies with mostly 1BHK flats in Noida to meet the affordable housing. This has given a new ray of hope fo those who thought of Noida as a tough city to live in.
These changes in infrastructure seem to have led the year ahead for Noida. Although, the changes will certainly take a time to reflect, till then the residential market, which has already witnessed a fall in property prices by approximately 5% will be much in demand for the buyers.