Hyderabad, October 02: ‘Now or never’ seems to be the buzz word in the realty sector in and around Hyderabad.
To those who want to buy flats in the mega city this is the right time to do so as the prices are likely to go up in the near future.
The Telangana issue hardly seems to matter to investors as many from Hyderabad are investing in properties before December 31 after which the region may witness unrest as threatened by the TRS.
Some feel that waiting for the prices to come down after December 31 is like being too optimistic.
Though it’s difficult for one to predict what might happen after December 31, many are certain that property prices will not fall. On the other hand, the prices may go up thereafter.
”The rates of flats have gone up from Rs 2,000 per sft three months ago to around Rs 2,200 per sft now,” says a developer at a property show here ”Nowhere else can one get flats at that price. Flats in other metros such as Chennai and Bangalore cost nothing less than Rs 5,000 per sft,” he added.
Compared to the prices which ranged between Rs 3,500 and 4,500 per sft three years ago the property prices in Hyderabad have come down almost to Rs 2,200 to 2,300 due to the recession.
Though developers in Visakhapatnam are selling flats at Rs 2,500 to 2,800 per sft, some say those should not cost more than Rs 1,600 to 2,000 per sqft but are unreasonably priced high.
Some others say that people have gone through the worst and nothing can deter them further.
”If Telangana is formed, let it be. If not, there ends the matter. People have stopped attaching much importance to it as they have lots of other things to do,” remarks Bhaskar, another investor.
Property prices have picked up in the last three months and will not come down. Telangana apart, developers expect that people will buy flats as the talk of Hyderabad being made a Union Territory or the country’s second capital is doing the rounds.
”We expect that people will invest in properties with an eye on high returns in case Hyderabad is made a Union Territory. Even otherwise, Hyderabad’s potential will not alter,” feels another developer from Hyderabad.
–Agencues