Job creation vital for housing growth, says Credai Hyd chief

The stability of Hyderabad’s real estate market hinges on the employment opportunities within the city. The upcoming government needs to prioritize the creation of employment opportunities to ensure the growth of the mid-segment, which, in turn, will drive the future market for affordable housing, says Credai Hyderabad president.

Speaking to Bizz Buzz on the sideline on an event, V Rajashekar Reddy, president, CREDAI (Confederation of Real Estate Developers Association of India) Hyderabad, said: “Major speculation for the betterment of Hyderabad and Telangana in the coming years, is more of investments which is going to create employment for the mid-segment, that is going to be the future market. With that comes affordable housing, and the future of real estate and need-based housing. We are more focused on the coming government that can create that opportunity of employment. That is where the uncertainty comes, if the right person is in power we can always recommend.”

The luxury residential property segment has been upbeat in Hyderabad. Reddy now wants the focus to now shift to affordable housing as he finds it to be the future requirement. “Migration has started from rural to district and district to urban. These people are coming and settling for better future. So going ahead the need of the hour will be affordable housing and that is where we as an industry have to focus on,” he pointed out.

Reddy finds the need for developing more affordable houses in the clusters of Thukkuguda area, the upcoming Chandan Valley, and Medical Device Park, wherein major employment generation is expected. However, he stressed that the government has to first build the social infrastructure around these clusters to reduce the burden on developers. “Firstly, the government should provide land at affordable rates to builders. Secondly, they should identify land banks that can be given to us at nominal price to carry out trial ventures. Lastly, the most important factor is developing the right social infrastructure.”