V Rajashekhar Reddy has been appointed as the President and B.Jagannath as the General Secretary of the New Managing committee members for the Confederation of Real Estate Developers Association of India (CREDAI) Hyderabad Chapter. The chapter announced on Friday the appointment of new managing committee Members for the period of 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. N Jaideep Reddy has been named President-Elect, B Pradeep Reddy, Mr. C G Murali Mohan, Mr. Kothapalli Rambabu, and Mr. M. Srikanth is Vice President of the Chapter. 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. The new team set the agenda to focus on technical skill development of the 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 encourage initiatives to promote ‘Housing for All’.
Outlining the agenda of the new Managing Committee, Rajashekar Reddy, 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 the latest report, Hyderabad has registered a 260% growth in the 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 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,” he said. He said,“ 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 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. We will support our members through training programs to ensure compliance and build an exceptional reputation for the Real Estate Sector in the state, Jaideep Reddy, said “The city of Hyderabad, has witnessed consistent growth, supported by robust infrastructure development and proactive industry-friendly government policies since the formation of Telangana. Despite the global uncertainties and 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”.
Jagannath Rao said, “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.