Hyderabad: 02nd November 2023: The Confederation of Real Estate Developers Association of India (CREDAI) Hyderabad announced the appointment of a new managing committee for the period 2023 to 2025, who will be responsible for spearheading and strengthening the CREDAI initiatives in Hyderabad and supporting the development of the sector in the region. Mr. V. Rajashekar Reddy is the President, Mr. B. Jagannath Rao is the General Secretary, and Mr. N Jaideep Reddy is the President-Elect in the new team. Mr. B Pradeep Reddy, Mr. C G Murali Mohan, Mr. Kothapalli Rambabu, Mr. M. Srikanth are Vice Presidents, Mr. Manoj Kumar Agarwal is the Treasurer and Mr. G. Nitish Reddy and Mr. Kranti Kiran Reddy are Joint Secretaries. The Executive Committee members are Mr. A. Venkat Reddy, Mr. B. Jaipal Reddy, Mr. Sanjay Kumar Bansal, Mr. C. Amarendher Reddy, Mr. Susheel Kumar Jain, Mr. Morishetty Srinivas, Mr. Musunuru Sriram, and Mr. N. Vamsidhar Reddy who will all work together for the betterment of the Hyderabad real estate sector.
The new team set the agenda to focus on technical skill development of workforce in line with requirements of constructing high rise modern buildings in association with the Government of Telangana to facilitate better efficiency and productivity, promote sustainable real estate growth in the city, and encouraging initiatives to promote ‘Housing for All’.
Outlining the agenda of the new Managing Committee, Mr. V. Rajashekar Reddy, the President of CREDAI Hyderabad said, “We are taking charge at a very crucial time as the state is up for elections this month. We are sure that the state will continue to grow. The Real estate sector in the state is buoyant, and will continue to remain so for both the residential and commercial space. According to a latest report Hyderabad has registered a 260% growth in luxury housing segment in 9 months of FY 24, which is likely to continue. The city also recorded the highest new office completions and absorption in the country, with 2.9 million square feet of office space transacted during Q3 2023. This will trigger fresh growth and demand in the real estate. We can foresee the demand to increase significantly across Commercial, Retail, Warehousing, and Residential real estate, which will trigger price increase and job creation due to increased activity.”
Mr. Reddy further said,“We have been working closely with the government to make real estate the main growth engine for the state. We will continue to build infrastructure with a focus on sustainable development. We will encourage and train all our member developers to adopt Green Building practices for developing self-sustaining communities, thereby reducing the carbon footprint. With enhanced construction activity, and the requirement of high-rise buildings, builders will require a workforce skilled in the latest technologies for construction and monitoring. There is an increased use of AI & ML in the design, construction and monitoring of the real estate projects. We at CREDAI Hyderabad will work closely with the government and the academic institutions to ensure the availability of manpower, skilled in the new technologies to make them employable – in line with the industry requirements. The real estate sector in Telangana has witnessed remarkable progress since the formation of the state. The contribution of CREDAI has been immense with the key focus on working with the government on a pro-development policy framework, consumer satisfaction, and the importance of adherence to ethical building standards, and guidelines from RERA. We will support our members through training programs to ensure compliance and build an exceptional reputation for the Real Estate Sector in the state.”
According to Mr. N. Jaideep Reddy, the President-Elect,“The city of Hyderabad, has witnessed a consistent growth, supported by robust infrastructure development and proactive industry-friendly government policies since the formation of Telangana. It is renowned for its technological prowess, suitable climate, and historical charm. Hyderabad has registered an 11% surge in residential demand during the second quarter of 2023. Inspite of the global uncertainties and apparently visible slowdown, Hyderabad’s property market remains resilient with an overall increase of 16% in property rates over the past year. When compared with the other major Indian cities with comparable infrastructure, Hyderabad’s real estate market offers relatively affordable housing options. This affordability factor has made it an attractive choice for first-time homebuyers and investors. CREDAI will work closely with the government to further build the reputation of Hyderabad as an ideal investment and business destination offering world-class infrastructure and sustainable development.”
Adding to this Mr. B. Jagannath Rao as General Secretary, CREDAI Hyderabad said, “Hyderabad is renowned for having a stable political climate, which is crucial for attracting investments and companies. Thanks to a strong business, IT and pharmaceutical ecosystem, with many international corporations and start-ups deciding to establish headquarters in the city, Hyderabad is contributing significantly to the GDP of the country. According to the latest report from Knight Frank India, 6,185 residential properties were registered in September 2023 in Hyderabad. The total value of the registered properties was Rs 3,378 crore. The future of the Hyderabad real estate market is bright, with several intriguing trends projected to affect the market in H2 2023. The increased demand for affordable housing, expansion of commercial real estate, the rising demand for co-living spaces, the expansion of gated communities, the popularity of smart homes, and the emphasis on sustainable development are the new trends in the real estate industry. The new body at CREDAI will work towards supporting the members in making the most of the existing market opportunities by adopting new technology for construction, property management, and sales management. Besides, increased activity will require the availability of skilled manpower. CREDAI will work with the relevant authorities to ensure the availability of skilled manpower to fuel the growth”