Hyderabad still a good bet for realty: Ponnala Lakshmaiah


Ponnala-resignationFormer Minister for Information Technology and Communication Ponnala Lakshmaiah assured the real estate fraternity here that there is no scope for scepticism about development of Hyderabad after the State bifurcation as it is already one of the most happening cities in the world.

Touting GAME Park and the IT Investment Region status for the city as notable achievements of the erstwhile government, Mr. Lakshmaiah, who spoke as the chief guest at the inaugural event of the CREDAI Property Show 2014 here on Friday, said Hyderabad still retained its charm as the most affordable and liveable city.

“Now it is your job to bank on these developments,” he said nudging the realtors, while recounting the other game-changer projects such as Krishna Phase-III, Jalayagnam, Hyderabad Metro Rail, Outer Ring Road and international airport.

However, he expressed concerns about the power availability after bifurcation, and said the need is to reorient and restructure the State in power and irrigation sectors.

He urged the developers to have solar installations in all their projects so that power consumption could be kept to minimum.

National president of the CREDAI (Confederation of Real Estate Developers’ Associations of India) C. Shekar Reddy expressed the hope that both the States can expect many investments after bifurcation as Seemandhra too has a lot of potential. He said realty in Hyderabad is poised to grow by 50 to 100 per cent in the next six months, as global investors are looking for affordable destinations.

President of CREDAI’s AP Chapter S. Ram Reddy said the ITIR is likely to employ almost 15 lakh people directly in the next two decades and this will create a huge demand for housing. He urged home buyers to make the most of the present low prices, as the prices are set to increase in future.

The property show has participation from over 100 developers and other stakeholders such as bankers and financial institutions. It will be on till March 2, at Jalavihar, Necklace Road.