Telangana Chief Minister Revanth Reddy has completed one year in office and it has been a very dull year for Hyderabad’s Real Estate.
Hyderabad’s Real Estate market is largely dependent on the city’s IT Economy and Infrastructure development. Both are disappointing.
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There is uncertainty in the Job Market because of the looming recession and the impact of AI on existing jobs. As a result, the investors are very cautious.
The Congress Government did not focus on improving the infrastructure of the city.
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Not a single new project made any progress on the ground in the last year and even the existing project like SRDP & STPs slowed down significantly.
HYDRAA had sent tremors down the spines of the buyers. The demand for Lakefront properties fell down drastically. There are doubts in the minds of investors about the legality of the projects and so, there is a slowdown, especially in the third quarter of the year.
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Revanth Reddy announced some big projects to propel the Real Estate Growth.
The initiatives include Metro Expansion, Regional Ring Road, H-CITI & SNDP 2.0, Musi Rejuvenation, and Future City ( Net zero city). But all of them were only on Paper for now and are not exciting the buyers so much.
There is doubt that these projects will need huge funding and might not make much progress soon.
At least in the next year, the Government should focus on H-CITI, Metro expansion, and additional coaches to current Metro Trains on priority.
The Traffic congestion on Hyderabad roads has increased by multiple folds since the Pandemic. The Government should immediately take steps to control the congestion on Hyderabad Roads. Or we may see the city turning into another Bengaluru very soon.
