Hyderabad Real Estate Resists Slowdown

By: George Gonigal

Developers come up with innovative schemes

The Indian real estate market currently is in a slowdown phase. Short term real estate speculators and traders are almost entirely out of the scenario and it is only the serious end user who is driving the market.

The slowdown in transactions is pan India. Even Hyderabad's real estate market is being driven only by the serious end use and the developers are going all out to attract them by launching special incentives. One of the first groups to launch an incentive in the city and brand the scheme is the leading real estate developer of Hyderabad Manjeera Group.

Called Anmol, the group has launched this scheme in its Manjeera Diamond Towers. This project will be having all 3 BHK deluxe apartments and is located at Gopanpally, Gatchibowli which is the IT Hub of Hyderabad and also in close proximity to financial district. The project is having lifestyle amenities such as club house, swimming pool, walking track and park, basket ball court, amphitheater etc. These 3 BHK apartments in the sizes of 1700 to 1800 sq ft and the unit value is Rs 3,300/ per sq ft, plus car parking and amenities cost (which is approx Rs,3,75,000/-)

According to M V Sudarshan from Manjeera group, 'Our group has got 2 decades of experience in developing high quality real estate in Hyderabad. And we noticed that in many cases the buyers especially the working class are finding it difficult to pay the Pre EMI, which is paid before the flat is delivered to them as they will be still paying the rentals for their existing flat. ANMOL is a once in a lifetime opportunity for those wanting to buy a house without bearing the brunt of high interest rates on home loan.'

As per the spokesperson, the entire EMI of appox. Rs 40- 50,000 per month depending on the amount of loan, is being totally paid by Manjeera, from the time of availing of loan till the apartment is delivered. The greatest advantage the buyer has is he will not have recurring monthly burden of Pre-EMI and if chooses to buy the apartment he just needs to pay the margin money.

The construction of these residential real estate in Hyderabad has already commenced and the construction is expected to complete by March 2009. The saving for the buyer will be 5 to 10 per cent of the apartment cost.

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