Hyderabad: Sri Srinivasa Constructions Managing Partner V Krishna Reddy has observed high demand for high-end housing projects prior to the sensational auction of Kokapet lands. He is happy to note that the sales of high-end villas picked up more momentum than expected level. Predicting very high growth in Kokapet region in near future, he said that many people have been expressing a lot of interest to settle down in and around the region. In a free wheeling interview with Real Estate Guru, he traced the latest trends in Hyderabad realty sector and the progress of the projects and future plans of Sri Srinivasa Constructions.
The following are the excerpts :
“The demand for luxury villas is increasing irrespective of Covid-19. In fact, such a situation is unique to Hyderabad. Our real estate sector is progressing under such a favourable atmosphere. All projects should be completed in two or three years.
“Businessmen and professionals have been purchasing villas in our projects. The customers are not hesitating to buy plots if the builder executes the projects in a futuristic location with perfect planning.
“We have been active in the Hyderabad reality sector since 2004. So far, we have completed 15 projects successfully. The total area developed was over 50-lakh sft. Going by our great track record, wherever we launch projects, customers have no hesitation to buy properties. Most of our projects pertain to building luxury houses.
“Prior to auction of lands in Kokapet, the demand for land has increased substantially in the vicinity. The impact of Corona on the realty market is not phenomenal. At the end of the first wave of Coronavirus, the land prices in Kokapet, Financial District and surrounding areas have increased from Rs 1000 to Rs 1500 per square feet.
“Irrespective of the fact that whether a project is new or old, the prices have been revised. Many have purchased villas to have security for family and children,” he said.
Four projects
He said that his organisation is executing four luxury villa projects – Sky City on Raj Bhavan road, Fortune One in Banjara Hills, Sky Villas in Kokapet and Villas in Mokila. At the foundation-laying stage itself, the high-end luxury villas are being sold out like hot cakes. In fact, 70 percent of the villas were sold out at the foundation stage itself in Kokapet.
The organisation was successful in securing necessary permission to build luxury villas in Mokila. Over 70 per cent of the villas there were sold out. The buyers are estimating the credibility of builders besides the futuristic locations. If they are convinced of these two factors, they are not hesitating to buy luxury homes. The firm is developing over 40-lakh sq ft of site. The target is to complete the projects in the next two or three years.
40-storey sky-scraper on the anvil
He claimed that his firm always gives priority to quality wherever the projects are executed. Buyers show a lot of interest in the projects because the firm chooses those locations which have vast scope for development in future. For example, the firm planned a 40-storey sky-scraper in a 10-acre site adjacent to the ORR toll gate in Gachchi Bowli.
In association with Raghuram Reddy of DSR Builders and Developments, Sri Srinivasa Constructions has plans to develop over 40-lakh sq ft. All arrangements are being made to launch the project in three months, he explained.
