Sahiti Group expanding in TS, AP
Hyderabad: Realty industry in Telangana and Andhra Pradesh may witness an exponential growth due to rise in demand for residential projects in the cities since the pandemic and due to the comparatively low prices than other cities, particularly in Hyderabad. Real Estate development company Sahiti Group, on Tuesday, announced its plan to accelerate its expansion in Andhra Pradesh and Telangana with its upcoming mixed township deluxe projects in Kompally, Bachupally and Pati regions.
The two new projects will have over 3,000 residential units, for the luxury segment, along with a newly inaugurated office at Madhapur in Hyderabad to accommodate 200 new workforces.
The company, at present, is also working on 20 projects including 3,500 plus affordable homes for middle-tier families. The recent developments have brought in new investors for the organization as the company is in talks to raise new funds to support their upcoming projects.
Company chairman Dr Lakshmi Narayana said: "We're very excited about the momentum the market has picked up here in Telangana and Andhra Pradesh. There has been an increase in the work load as we added new upcoming projects to the pipeline and are trying to ramp up the work in projects delayed due to the lockdowns and restrictions. To support our vision, we have also set up a team for better customer support and assistance and to accommodate all these new recruits we inaugurated our new office. We also have some new investors interested in our group."
Experts have estimated growth of realty industry from $ 1.72 billion in 2019 to upto $ 9.30 billion and contribute 13 per cent to India's GDP by 2025. As per the report by Knight Frank, investments in the sector have grown 16 times more in comparison to Q4 of FY20. The real estate sector in Andhra Pradesh and Telangana has witnessed high growth in recent times with rising demand for office as well as residential spaces.