ORR stabilising land prices in Hyderabad: HRA

Hyderabad: The Outer Ring Road (ORR) is stabilizing land prices in Hyderabad which is good both for the sector and the customer in the long run, said senior representatives of Hyderabad Realtors' Association (HRA).

Speaking to reporters as part of a media interaction to announce that Hyderabad will host the "11th NAR India Convention & Expo", Shailender Singh, Chairman of NAR India Convention 2019, said: "Due to ORR and Metro, a greater number of customers are willing to explore places beyond city limits either to buy or construct a home.

This in turn will reduce the pressure on land prices in city limits as there is scarcity of Grade A commercial space in Hyderabad which touched 8 mn sft and has potential to go up and match up to Bangalore (13mn sft)."

"Hyderabad plays a major role in realty sector in India. Two realtors from this city Sridhar Reddy and Vijay Saradhi have become its National Presidents.

Now the third one Sumanth Reddy Arani is elected to be national president," informed Singh, also a senior representative of Hyderabad Realtors Association (HRA).

Earlier, Sumanth Reddy Arani, president, HRA and president-elect, National Association of Realtors India (NAR India), said: "The objective of the convention to be held at HICC on August 24th & 25th is to streamline and promote the profession of real estate and real estate brokerage in India so that we achieve transparency, accountability, fair dealing and ethical practices for overall good governance in the industry.

The objective is also to promote ethical and standard business practices in real estate consulting." "Image of real estate broker, who is now known as realtor is not the same anymore.

A career as a real estate broker is now highly valued and respected," he added. "Realtor's fraternity is too huge in this country.

Hyderabad alone has 3,000 to 4,000 realtors. The profession all over the world is several hundred years old. More than 2,000 delegates from across India and abroad will take part the two-day convention," said Vijay Sarathi, former president of NAR India.

Sanjeev Kapoor, celebrity chef, entrepreneur and television personality and the host of longest-running show of its kind in Asia Khana Khazana; Devdutt Patnaik, an author known for his work in mythology, Rajendra Srivastava, ISB Dean, BVR Mohan Reddy, Chairman of Cyient, Niranjan Hiranandani, Satish Magar will be some of the speakers amongst 30 odd speakers to address the mega event, he added.

HRA is hosting the 11th Annual Convention together with Confederation of Real Estate Associates CREA(I).

Indian School of Business (ISB), Hyderabad and the School of Planning and Architecture (SPA), New Delhi, are the knowledge partners for event. NICMAR, a management institute, is the industry partner.