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Hyderabad set to see boom in realty sector
Since Hyderabad has the potential to offer cities likes of Bangalore stiff competition in real estate business, the Telangana government is coming out with an action plan to promote the ‘Pearl City’ as a destination for investments in realty sector. It wants that in the next six months time, the city to once again witness a boom in the reality sector.
The government is busy preparing action plan to promote Hyderabad as investment destination
Hyderabad: Since Hyderabad has the potential to offer cities likes of Bangalore stiff competition in real estate business, the Telangana government is coming out with an action plan to promote the ‘Pearl City’ as a destination for investments in realty sector. It wants that in the next six months time, the city to once again witness a boom in the reality sector.
The Revenue (Stamps and Registration) department which had witnessed a drastic downfall in the revenues generating from the property transactions following demonetisation, has now decided to conduct a study on the future prospects of the realty trade in GHMC and HMDA limits in coordination with Municipal Administration department.
The study will focus on realty trends post demonetisation in other metro cities and the identification of the investors.
Top official of the State Stamps and Registration department told The Hans India that the revenue generated from land sales and purchases has come down to Rs 8 to 9 crore from Rs 15 crore per day after November 8. In fact, the Stamps and Registration department was the worst hit among revenue generating departments in the State in the last three months.
The government wants to bring back the lost glory to the realty sector. It would soon hold talks with some of the top realty companies and associations on the issue.
The government has identified some potential areas where some major IT companies are coming up at Nanakramguda, Gachibowli and the surroundings of the Balaji Chilkur temple in the GHMC and HMDA limits.
The government wants to encourage investors in a big way to construct residential colonies near the proposed Pharma City, IT SEZs and in new districts like Shamshabad, Yadadari Bhuvanagiri and Vikarabad around the GHMC limits.
DIG (Stamps and Registration) Madhusudhan Reddy said though the demonitisation affected the State revenues, there was a positive angle to it. It had helped to contain abnormal increase of land prices in the recent times.
As a result, the buying capacity of consumers would increase in the next six months. The number of people who are buying properties for residential purpose is again slowly picking up in the city.
The government is planning to promote land sales for investment purpose which contributes 60 per cent of the total revenues. It is also hopeful of mopping up Rs 3,200 crore revenue from land sales this financial year as against the original target of Rs 4,200 crore.
