The final quarter of 2016 brought significant changes to India's real estate sector. For Hyderabad city, the real estate market exhibited substantial promise during this period. Government initiatives played a pivotal role in bolstering the residential segment.
Following the stabilization of demonetisation, the Greater Hyderabad Municipal Corporation (GHMC) received a total of 154 crore as it commenced accepting banned currency from property tax payers. This decision allowed the currency collected from defaulters to be utilized constructively.
Hyderabad's realty experts anticipate that the city's commercial market will soon emerge as the leading market in India by 2018. The primary driver behind this expectation is the successful implementation of affordable housing projects, which in turn invigorates the residential market. As new companies establish their bases in the city, the residential supply in areas such as Gachibowli, Hitec City, and Raidurg is set to increase.
These residential sectors are projected to be consumed by the expected rise in employees from 4.3 to 4.7 lakhs over the next 12 months. The influx of new employees and the demand for affordable housing are crucial factors contributing to the growth of Hyderabad's real estate market.