Boosting the Real Estate Market: A Call to Action for the Telangana Government
The real estate market in Hyderabad and rural Telangana is in a slump, with developers and builders struggling to sell properties. BJP leader Gudur Narayana Reddy urges the government to take immediate action to revive the market.
Real EstateTelanganaHyderabadBjpEconomyReal EstateAug 06, 2024
According to Reddy, the Telangana real estate sector has been stagnant for quite some time now, causing distress among developers, builders, and homebuyers alike. The latest data reveals a drastic decline in new residential launches in Hyderabad, with the city recording the steepest drop among all major cities in India for the April-June quarter.
New launches plummeted from 15,095 residential units in the first quarter of 2024 to a mere 6,365 units in the second quarter. This sharp decline is a clear indication of the market's struggles. Even in areas that were once considered hotspots, such as the stretch between Uppal and Alair on the Warangal highway, developers have struggled to sell even a single acre of land in the past eight months.
Reddy points out that the current Congress government has failed to take any concrete steps to boost the real estate market. The stakeholders – developers, builders, and buyers – are all eagerly awaiting some much-needed encouragement and support.
The real estate market in Telangana has been a significant contributor to the state's economy. However, with the current downturn, many developers and builders are struggling to stay afloat.
The Bharatiya Janata Party (BJP) is a major political party in India, with a strong presence in Telangana. The party has been vocal about the need for the state government to take proactive measures to boost the economy and promote development.
Frequently Asked Questions
What is the current state of the real estate market in Hyderabad?
The real estate market in Hyderabad is facing a severe downturn, with a significant decline in new residential launches and sales.
What is the BJP's stance on the real estate market in Telangana?
The BJP is urging the Telangana government to take immediate measures to boost the real estate market and support developers, builders, and homebuyers.
What are the consequences of the real estate market downturn in Telangana?
The downturn is causing distress among developers, builders, and homebuyers, and is also affecting the state's economy.
What steps is the BJP leader Gudur Narayana Reddy proposing to boost the real estate market?
Reddy is urging the government to take concrete steps to encourage stakeholders, including developers, builders, and buyers, and to provide support to the real estate sector.
How has the real estate market performed in the past quarter?
According to the latest data, new launches plummeted from 15,095 residential units in the first quarter of 2024 to just 6,365 units in the second quarter.
Related News Articles
Macrotech Developers Sees Significant Jump in Q1 Profit Driven by Strong Pre-Sales
Realty firm Macrotech Developers reports a 2.7-fold jump in consolidated net profit to Rs 475.3 crore for the June 2024 quarter, driven by higher income and strong pre-sales.
NCP Leader Amir Khaanzada Goes Missing, Associate Found Dead in Raigad
Navi Mumbai police found real estate agent Sumit Jain's body near Pen, Raigad, but are still searching for Amir Khaanzada, NCP leader, who was with Jain.
Rising Demand in Real Estate Fuels Rs 135 Bn IPOs in 2024
A recent report highlights that 21 real estate firms have collectively raised Rs 319 billion through IPOs in the last three years, with a significant surge expected in 2024.
Owning Multiple Properties: Why You Don't Need to Worry About Additional Tax
The Union Budget 2023 has brought significant relief to multiple property owners. Here's why you don't need to worry about additional tax if you own more than one property.
Pune Leads in RERA Project Registrations: A Sign of Real Estate Revival
A recent report reveals that over 1 lakh projects have been registered with the top 10 state RERAs in the past 8 years. Pune has emerged as the leader, recording 12,346 projects under RERA, reflecting the robust growth in the real estate sector.
Adani Properties Secures $4.1 Billion Mumbai Housing Project
The Maharashtra state government is set to issue a Letter of Intent to Adani Properties, confirming the company as the winner of a high-profile $4.1 billion housing project in Mumbai.