Telangana State’s Minister for Panchayat Raj and Rural Development, Jupally Krishna Rao on December 26 spoke on real estate market’s incredible rise since 2014. He underlined a multitude of reforms unfurled by the government across the last three years to help the realty sector, in addition to incessant supply of electricity, lucidity and ease of doing business and promoting brisk industrialization.
Addressing the attendees at the rollout of the research report on Telangana’s real estate sector, titled, ‘The new face of India’s growth story’, the minister said that the realty bazaar that had experienced tediously protracted agony since the last 4 to 5 years has finally come to full bloom. Besides, although he made no commitment pertaining to when the Real Estate Regulatory Authority (RERA) Act would be in its top form in the state, Rao gave an assurance to industry players that soon a resolution would dawn on the problems related to RERA and GST.
The recent report, which blueprints a 30% every year rise in launch of new home units and a colossus 6.5 million square feet adoption in office space in 2016, has been collaboratively accumulated by the Telangana Real Estate Developers Association (TREDA) and global realty services firm Jones Lang LaSalle (JLL).
Rao called upon industry actors to play by the rules and not to pull a fast one on customers. He said, “This government is committed to promoting the housing sector and as part of its new housing policy it plans to build two-three lakh houses every year. Also, it is expected to spend Rs 10,000 crore on Hyderabad’s infrastructure, which includes expanding the Metro Rail, Outer Ring Road and building skyscrapers and flyovers”. He warned strict action from authorities against unlawful blueprints and defaulters.
Recapitulating that the government’s dynamic steps have restored the realty bazaar, Sandip Patnaik, JLL’s regional managing director (Hyderabad) and Head of Capital Markets (South India) added that Telangana exhibits ripe prospects of featuring among the best two in corporate real estate.
“Over the last two years, a lot of Fortune 500 companies who earlier shied away from investing here are now showing faith in Hyderabad. All this credit goes to the leadership of the government,” Patnaik said.