Congress Government Spurs Real Estate Growth in Hyderabad
Hyderabad's real estate sector is booming under the Congress government, with a significant rise in property registrations and building permits.
Real EstateHyderabadCongress GovernmentProperty RegistrationsBuilding PermitsReal Estate NewsJul 10, 2024
According to government data, property registrations have generated a revenue of Rs 4,670.52 crore between December 2023 and June 2024, a significant increase of Rs 241.29 crore compared to the same period under the previous BRS regime. The total number of registrations during this period stands at 2,18,160, a 12.5% rise from the previous year.
The data also reveals that 54,111 flats were registered between December 2023 and June 2024, compared to 50,535 during the same period in the previous year. Real estate experts attribute this growth to the lifting of the model code of conduct, which had put many potential property buyers on hold.
The Congress government's initiatives, such as the Musi riverfront development, metro rail expansion, and the construction of the Rajiv Rahadari elevated corridor, have also contributed to the sector's growth. The resolution of long-pending land acquisition issues has further boosted investor confidence.
The state government's plans to extend the city up to the regional ring road (RRR) and prioritize its construction have created a favorable environment for the real estate sector. In the last six months, GHMC and HMDA have issued 18,077 building permits, a slight increase from the 17,911 permits granted in the previous six months.
Information
The Congress government took office in December 2023, following the state elections. Since then, the government has been working to resolve pending issues and initiate new projects to spur economic growth.
GHMC (Greater Hyderabad Municipal Corporation) and HMDA (Hyderabad Metropolitan Development Authority) are the civic bodies responsible for governing and developing the city of Hyderabad.
Frequently Asked Questions
What is the revenue generated from property registrations between December 2023 and June 2024?
Rs 4,670.52 crore
How many flats were registered between December 2023 and June 2024?
54,111
What is the increase in property registrations compared to the same period under the previous BRS regime?
12.5%
What is the total number of registrations during this period?
2,18,160
How many building permits were issued by GHMC and HMDA in the last six months?
18,077
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