Amaravati no competition to Hyd: CREDAI

Confederation of Real Estate Developers’ Associations of India (CREDAI) Hyderabad President Rajasekar Reddy on Saturday said Amravati is still growing and it is not a competition to Hyderabad.
“So far Hyderabad has competed with Bangalore which is much ahead of it and cities like Delhi and Mumbai. Currently Hyderabad is ahead of Mumbai in luxury segment. It is a preferred destination. Amravati may be useful for business prospects.”
Differentiating between the two cities, Rajaskehar Reddy said, “The AP government says it will develop Amravati, good It is about how much employment they can generate in the next five years. What kind of activity they can generate in the next 2 to 3 years and the potential to generate employment. Are people going to stay in Amravati and invest in it immediately? Ten thousand acre might be available in Amravati whereas in Hyderabad there are lakhs of acres. Employment is the only thing which guides real estate, for the last three years 1.5 lakh people are employed only in the IT sector in Hyderabad each year irrespective of other sectors. So this makes up to 4.5 lakh people out of which we assume that 1.5 lakh were interested in buying properties. The remaining 3 lakh people are considered prospective buyers tomorrow. So which place has a better potential? Hyderabad is at par with other metro cities.”
Expressing his view on the Telangana government’s plan to develop the new city, airport and the Musi river, The CREDAI Hyderabad President said, “The Musi development can happen since it is a stretch of 85 kilometers. However, when we talk about the new city if it is over 10,000 acres, the Magarpatta city in Pune is an example. It is a mixed concept township separately developed by a private builder. It took almost 10 year to come into reality. Likewise, the new city project will begin and will grow gradually similar to Cyberabad which began in 2004.”
Addressing the buyer sentiment in the present times, Reddy said, “Currently the CREDAI property show is going on, the genuine crowd is still coming. Investors may have stopped for a while however those who are interested in buying nothing stops them. I have been interacting with people individually and I would say that the buyer sentiment is on a positive side.”
Stressing on real estate growth, he said, “Hyderabad has a growth story of 30-40 years and is 400 years old. Particularly, in the last 5-10 years the real estate growth has been impactful post the formation of Telangana. Core city of Hyderabad has evolved in a much better manner.” Reddy further said, “With the new government coming up with new city, it is an innovation. The government has also made a proposal of developing a net-zero city. The concept is unique and the way it is being planned is good, however it will take time to become a reality with good vision and focus in 15-20 years.”