Introduction of the proposed real estate regulation Bill is likely to increase the cost of operations by 10-15 per cent, said Sreedhar Reddy, president of Andhra Pradesh Realtors Association and president-elect National Association of Realtors, India (NAR-India).
Reddy said this would mean customers would get assured quality products, and legalised property as more and more national players would come into the segment.
“They will also get value for their money and it will help the industry grow further,” he said addressing the media in connection with the third annual National Association of Realtors (NAR) India convention, to be organised here from July 23.
The Bill is likely to be passed by next calendar year. “A lot of data is being collected across cities for ‘Residex’, which would give updated data on the market online. The industry then will be more transparent,” he said.
Stating that there was a trust deficit in the Hyderabad market, he said the market would go forward and the volume would increase.
Property prices here were lower compared with other cities. However, in the coming years, it would increase on the back of good infrastructure facilities, said Aju Thomas, vice president, Trinity Partners. The demand for office space in Hyderabad increased to 5-5.5 million sft in 2010-11 from 3-3.5 million sft in 2007.