Hyderabad: Hyderabad and surrounding locations will see a realty and construction boom aided by a series of projects announced by the Revanth Reddy-led government, said civil supplies and irrigation minister N. Uttam Kumar Reddy.
Speaking at the state conference of Confederation of Real Estate Developers' Associations of India (Credai) Telangana on Tuesday, Uttam Kumar Reddy expressed confidence that Hyderabad was on the verge of witnessing a major real estate boom and a sense of excitement surrounding the city's imminent growth was palpable.
According to a report titled ‘Telangana Going Global’, brought out by real estate consultancy CBRE and realtors body Credai Telangana, Hyderabad has emerged as a preferred destination for global real estate investors and occupiers and the city accounts for 14 per cent of the nation's total office stock.
The present Congress government had announced several landmark development projects for Hyderabad, including the future city at Mucherla, the skill development university, expansion of metro Rail, and the proposed Musi riverfront development project. These projects, he said, had created an atmosphere conducive to growth, in Hyderabad as well as tier 2 and 3 cities across Telangana, which were likely to see substantial development.
Telangana was seeing a surge in investments in the IT, software, and manufacturing sectors across the state.
Asserting government support to all businesses, Uttam Kumar Reddy said the government was committed to taking Telangana to the next level of growth. Urbanisation in the state had reached nearly 45 per cent and the real estate and construction industry played a role in the state's development, he said.
"The youngest state in India is scripting a new growth story. While the growth focus may currently be on Hyderabad, the entire state of Telangana has immense potential for high growth," Uttam Kumar said, adding that the government was accessible and democratic, and would work as a team with the industry to remove hurdles and obstacles to growth.
The CBRE report further analyses Telangana's economic landscape, highlights Hyderabad’s central role and the untapped potential of various tier-II and tier-III cities. It highlights the state’s approach and strategic planning to unlock opportunities for global investors, paving the way for a high growth trajectory.
“The city's strong infrastructure, thriving IT/ITeS sector, and substantial global investments have laid a solid foundation for continued growth. We expect Hyderabad's skyline to transform with smart, technology-driven projects,” aid Gipson Paul, Hyderabad head, CBRE India.
