Congress Regime Ushers In Real Estate Boom

 Hyderabad: Real estate sector is booming in greater Hyderabad under the Congress government if one goes by the steady rise in property registrations and the rush of building permissions in the last six to seven months. This is a significant development considering that there was a near three-month freeze on financial transactions, especially those pertaining to real estate, in view of the election code that was in place.

According to government data, between December 2023 and this June, around Rs 4,670.52 crore revenue was generated by way of property registrations, which is Rs 241.29 crore more than what was grossed during the BRS regime for the corresponding period the year before.

The total number of registrations in the last seven months stands at 2,18,160, while it was 1,93,962 during the same timeframe in the previous year during the BRS regime implying that there has been a 12.5% increase.

Approximately, 54,111 flats were registered from December 2023 to June 2024 while 50,535 were registered from December 2022 to June 2023.

Verifications have shown that with the model code of conduct (MCC) in place and election authorities checking and seeking relevant documents from anyone found carrying more than Rs 50,000 cash, many potential property buyers waited till the code was lifted to go about the registration process.

Real estate experts opined that this development, despite the election code, indicated that the sector will flourish under the Congress government. Many of them attributed the positive trend to Chief Minister A. Revanth Reddy and the push for projects like Musi riverfront development, metro rail expansion and construction of Rajiv Rahadari elevated corridor by resolving land acquisition issues that were pending for years together.

Plans to extend the city up to the regional ring road (RRR) and the state government prioritising its construction have also created a favourable environment for the real estate sector, they said.

Meanwhile, 18,077 building permits were issued by GHMC and HMDA in the last six months while 17,911 permissions were granted in the six preceding months.