The real estate story of the city of Hyderabad is filled with incredible highs and the lowest of lows. The city has literally seen it all. And it has survived to tell the tale. Presently the city is undergoing a phase of recovery after facing much turmoil for over half a decade or so. Let’s have a look at what the city has been through and what the future holds for it.
The city owes much to the Information Technology revolution that came knocking on India’s doors after its economy was liberalized. The state government of Andhra Pradesh did all in its power to ensure that the city latched on to the first wave of this phenomenon and the rest as they say is history. The city’s infrastructure was given a big face lift to accommodate the companies from the Information Technology sector.
The city became a haven for these companies. The real estate sector came to depend on the presence of these companies in the city. When there is commercial real estate activity, the residential real estate segment tends to benefit as well. So as the Information Technology sector started gaining a foothold in the city, the real estate sector also started spreading its wings here. Properties such as flats for sale in Hyderabad and independent houses for sale in Hyderabad saw good growth because of the penetration of the Information Technology sector into this city.
But all the good work that went into making this city a world class Information Technology hub came to nothing once the agitations surrounding the creation of the state of Telangana took centre stage. Seeing the agitations reach a peak, many of the companies stopped expanding in the city. The protests combined with the scaling back of economic activity brought the city to a standstill. This had an adverse effect on the real estate sector. Prices started hitting rock bottom. Flats for sale in Hyderabad and independent houses for sale in Hyderabad could be picked up for much lesser than what they cost before the political turmoil took over the city.
The political uncertainty that plagued only went away when the bifurcation of the state of Andhra Pradesh happened in 2014. The state of Telangana was founded on June 2nd 2014. Hyderabad became the joint capital of both the states and will remain so for a decade. There was more clarity on what was to become of the capital city.
The recovery was not immediate. The City of Pearls was put on wait and watch list by many big names in the technology industry. By the beginning of 2016, things started to seem a little better for the city. Many big names started announcing projects here. It was a signal that all was well with the city and it was back to business. Today it is still in recovery mode. It is on the path towards growth as well. It seems like the city is heading towards another high after witnessing a low.