Puravankara, one of South India’s biggest real estate companies, has set its sights on Hyderabad, one of the few cities in India where real estate prices are still largely affordable.
Bangalore, Puravanakara’s home market, as well as Delhi and Mumbai, have seen prices increase so much over the last few years that demand has been hit.
“We are very confident of the Hyderabad Real estate market and its high potential for appreciation,” said Ashish Puravankara, Managing Director, Puravankara Projects.
“The Real estate prices have been increasing gradually and are very affordable, offering great value for end user and investors.”
As a part of its new strategy, the company is proposing to launch around 12.5% of its new projects in Hyderabad.
Out of this, about 5 mn sq feet will be for the luxury market and another 5 mn sq feet under its Provident Premium affordable housing segment.
The Group will shortly launch a large project under the Provident Brand in Rajendranagar on the PVNR Airport Expressway, through a book building process. Recently, Lodha Developers had conducted a similar reverse bookbuilding process to sell its flats in Thane.
“The project which has been tied up through a Joint Development model, is already generating a lot of interest from buyers and real estate brokers across the country and in overseas markets,” it said.
The stable socio-political environment and the pro-growth outlook of the policy makers in the city, is expected to trigger a multi-year economic growth and boost the Hyderabad market, the company said.
Hyderabad is seeing a spurt in growth as the new growth-hungry Telangana government aggressively woos investors and companies.
“With commercial real estate already seeing significant traction in the city, the residential market is expected to open up soon and offer vast opportunities for Tier 1 development firms.”
“In the next 2 years, the latent demand for housing will propel the markets up in terms of both price and sales velocity.”