Real estate to get new lease of life in Telangana

Real estate to get new lease of life in Telangana
Highlights

Giving a bang to the sleeping real estate business in Hyderabad, the TRS government has brought six government orders literally putting the sector on launching pad.

Enthused realtors thank KCR for easing norms
Hyderabad: Giving a bang to the sleeping real estate business in Hyderabad, the TRS government has brought six government orders literally putting the sector on launching pad.

“We thank the government for relaxing various norms and delays in approvals, we may not immediately pass on the benefits to the existing home buyers,” said S Ram Reddy, President, Credai Hyderabad.

According to him, the real benefits the realty industry may get in the next two to three years time, by which time even inflation increases and cost of construction goes up. “These benefits are expected to the new projects,” he pointed out.

The builders and developers are of the view that the house property rates may not go up, while the home buyers is sure of getting his or her flat as promised without much of delay.

The group of realtors belonging to Credai, Treda, TDA and TBF collectively bargained with the state government for last two to three months to bail out the struggling real estate business in Hyderabad.

They all thanked the Telangana Chief Minister K Chandrasekhar Rao for taking part in the deliberations personally and insisted on the officials to issue government orders (GOs) effecting ease of doing business in the state.

“We thank our Chief Minister for bringing reform in real estate sector which is full of regulatory rigidities, bottlenecks, high fee and charges,” P Dasharath Reddy, President, Treda said.

“We have brought to the notice of the government about 40 and odd problems with which the realty is suffering in the state, and amazingly the government could solve over 20 issue in one go,” Reddy said. He, however, requested the government to clear other issues in the next two to three months, as promised.

Now, the builders can seek building plan approvals through online system and it will be accorded within 15 days of submission. “The responsibility is fixed on the concerned officer and for every one day of delay, a penalty of Rs 500 shall be levied from the concerned staff.”

Besides, a host of technical corrections and necessities are being worked out by the various licensing departments in order to enable construction activity in the urban centres like Hyderabad, Warangal etc.

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