A strong rush of prospective buyers was recently witnessed at the allotment event of the Prestige Golden Grove residential project in Hyderabad, indicating continued interest in the city’s real estate market.
Visitors reported a large crowd at the venue where the developer was conducting the first round of flat selection for customers who had paid the initial booking amount of Rs 2 lakh.
According to a visitor who attended the event, the turnout was significant though the exact number of confirmed buyers or channel partners present was not clear.
The allotment process was organized in token format, and by around 2:30 PM tokens were already being called in the 250 range, suggesting a steady flow of participants throughout the day.
The visitor said they were asked to provide their name and contact number and were requested to leave as the allotment event was being conducted exclusively for customers who had already paid the initial booking amount.
Based on the token sequence and crowd size, it is estimated that around 500 to 600 customers could be part of the first round of flat selection and allotment for the project.
However, on the flip side, several user comments circulating online have raised questions about the rush and the marketing surrounding the project.
Some observers believe speculative investors could be contributing to the early demand.
"The rush by speculative investors: Even in an average project, at least 30% will be premium flats (east-facing, park view, pool view etc). At least 30% price appreciation is expected as the premium builder project nears completion. Easy exit with 30% profits; the end user pays the price", wrote a netizen.
"They were successful in creating FOMO (Fear of Missing Out) even before HMDA permissions, forget about RERA, through agents and brokers from Karnataka and here. Let's assume they sold 2000+ units as per agents and videos, then they have to mention the same on the RERA website, as per Section 11 of the RERA Act 2016", mentioned another.
Other netizen commented, "I got nearly 20 calls about the project in the last 3 days. They seem to be spending heavily on advertising and referral bonuses. I think every single agent in Hyderabad is on this job. 500 out of 5000 flats is just 10% even if everyone who turned up there buys and stays until completion."
Overall, the buzz around the project reflects the strong interest that premium residential developments continue to generate in Hyderabad.
At the same time, the discussions online show that buyers are also closely watching factors such as approvals, marketing strategies, and the role of investors before making long term decisions.