Telangana bullish on realty sector

Hyderabad: The Telangana State government is confident of the realty sector picking up in Hyderabad in the 2015-16 fiscal year.

While admitting that the realty sector in the city isn’t at the top, both Chief Minister K. Chandrasekhar Rao and finance minister Etela Rajender asserted that the scenario will improve in the coming financial year. Mr Rajender also claimed that Hyderabad was the safest city in the country.

The CM said that the government had planned to raise about Rs 6,500 crore in the 2014-15 fiscal year, but held back the plan as the real estate sector was not doing too well. But he said the government will go ahead with the plans in the coming financial year.

“We thought we would sell government lands in Hyderabad to generate Rs 6,500. But we didn’t go ahead with the plans because the real estate sector was not so good. We wouldn’t have got the prices we had expected,” Mr Rao said.

However, he stated that realty sector has picked up well in the city. “Realty boom in Hyderabad has started again. We will not sell all lands, but only the vulnerable ones,” the CM said.

“In 2015-16, real estate will be excellent and industries would be set up in the city,” Mr Rajender added. The finance minister also claimed that Hyderabad is the safest city in the country. “Law and order is very important for industries to thrive. I don’t know about other parts of the world, but at least in India, Hyderabad is the safest city. Where else can you get help within five minutes of a call?” Mr Rajender asked.