Telangana's Construction Sector Booms with 11.97% Growth, Says Minister
Hyderabad: IT and Industries Minister Duddilla Sridhar Babu announced a robust growth rate of 11.97% in the construction sector of Telangana for the fiscal year 2024-25. This sector has contributed more than Rs 80,000 crore to the state’s economy, showcasing a significant economic impact.
Speaking at the 15th Naredco Telangana Property Show on Sunday, the minister revealed that the combined output of the real estate and professional services sectors saw a growth rate of 15.4%. Together, these sectors now account for 24.9% of the state’s services GDP, with the construction sector alone contributing over Rs 80,000 crore.
Sridhar Babu pointed to a marked increase in housing registrations in key districts such as Hyderabad, Rangareddy, and Medchal-Malkajgiri during September. A total of 6,612 housing units valued at Rs 4,804 crore were registered, compared to 4,903 units worth Rs 2,820 crore in the same month last year. This indicates a 35% rise in volume and a striking 70% surge in transaction value.
“These statistics dispel any notion that Telangana’s real estate sector is facing a slowdown,” the minister asserted. He also reported that registrations of properties valued above Rs 1 crore surged by 151%, representing 53% of the total transaction value in September.
Noting the real estate sector's role as India’s second-largest employment-generating sector after agriculture, Sridhar Babu emphasized the need to raise India’s real estate GDP contribution, currently at 6-8%, closer to that of developed countries and China, where it ranges between 10-25%.
The minister outlined several major infrastructure projects aimed at reshaping Telangana’s economic and urban landscape. These include Elevated Corridors, Metro Rail Phase-II, Bharat Future City, Musi Riverfront Beautification, and the Regional Ring Road. These projects are expected to further boost the state's economic growth and enhance urban development.
Sridhar Babu announced plans to complete zonal planning for Bharat Future City by December and to launch the groundbreaking for a 200-acre AI City within two to three months. This AI City will be developed to international standards, further positioning Telangana as a hub for advanced technology and innovation.
The event was attended by Naredco officials, including Vijayasai Make, Kali Prasad Damerla, Dr. Lion Kiran, K. Sridhar Reddy, and R. Venkateshwara Rao. Their presence underscores the importance of these developments in the real estate and construction sectors for Telangana’s future growth.
