Hyd’bad sees surge in realty investments
Real estate business witnesses increase in the number of registrations of plots and buildings
Hyderabad: The real estate business had picked up in Greater Hyderabad. This is evidenced by the increasing number of registrations of plots and buildings, along with permits for buildings and layouts.
After the formation of the new government, both the number of registrations in the area under HMDA and the revenue from the registration of documents increased. The number of permits for the construction of new buildings also increased. It is noteworthy that the real estate sector is picking up compared to last year, despite financial transactions being frozen for almost three months due to the election code.
The face of the city will change in the coming days with the Musi River Front Development Project, ambitiously undertaken by Chief Minister A Revanth Reddy, the expansion of the Metro Rail, and the construction of two elevated corridors connecting the national highways from Secunderabad.
On the other hand, plans to extend the scope of HMDA up to the Regional Ring Road and the government's focus on construction of the RRR have created a favourable environment for the real estate sector.
According to officials, income from registrations under GHMC and HMDA has increased as compared to the past. Since the new government assumed power, i.e., from December 2023 to the end of June 2024, Rs 4670.52 crore has been received through the registration of plots and buildings.
In the previous seven months, i.e., from May 2023 to November 2023, the income was Rs 4429.23 crore. It is noteworthy that the income has increased by Rs 241.29 crore. This is a sign of growth in the real estate sector in Greater Hyderabad, which is expanding day by day. Compared to the same period last year (December 2022 to June 2023), the income was Rs 270.86 crore more.
The total number of registrations in the last seven months was 2,18,160. This was 1,93,962 registrations during the same period last year, which is a 12.5 per cent increase. About 54,111 flats have been registered so far this year. During the same period last year, 50,535 flats were registered—seven per cent increase compared to then. From December 7 to June 30, the number of building applications granted under GHMC and HMDA was 18,077. The number of building permits given from May to December 6 last year was 17,911. Building construction permits approved under the GHMC in seven months were 7,809. Compared to the previous seven months, there was an increase of 13.17 per cent.
