The Hyderabad real estate sector has bounced back strongly amidst the recent setback due to the Covid-19 pandemic and it is on the growth path again, according to Telangana Real Estate Developers Association (TREDA).
While the real estate sector in Hyderabad has witnessed impressive growth as compared to other key markets in the country, the Telangana Government’s support and changes brought about in the regulatory system have helped it spring back to normalcy at a faster pace, Treda said.
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R Chalapathi Rao, President, TREDA, said, “The growth witnessed in the Hyderabad real estate sector is largely due to the policies and reforms that the Telangana Government has undertaken. And initiatives like Dharani and TS-bPass will advance the developments in the sector while simplifying and benefiting all the stakeholders in the ecosystem.”
Interacting over a webinar, he said that real estate in Hyderabad is attractive as prices here are still in the affordable range compared to other major cities.
The real estate sector had to face a number of challenges over the past few years due to various extraneous factors, including economic and regulatory. “But business is gradually looking up, and we expect growth to pick up,” the Treda member said.
He said that registrations through the Dharani portal will bring transparency in the entire process while eliminating loopholes and ensuring zero tampering of land records. While biometrics for registration has been mandated for property sellers, buyers and Tahsildars, land bank belonging to the Government, Waqf board, endowments and forest lands would be on auto-lock mode and cannot be registered.
The benefits of the portal that comes in the form of real-time updating of textual records, maps and settlement operations, will help in the form of a comprehensive title to land owners after completing the land digital survey and recording land parcels with coordinates.
The Telangana State Building Permission Approval and Self Certification System (TS-bPASS) has set a new benchmark in the system. The single window reform process facilitates easy permits for construction activities.
“The integrated registrations platform offers simple, safe and digital mode of transactions, right from processing of various permissions required during development of land to construction of building through the self-certification system to managing the entire process within the stipulated timelines. This will boost the real estate sector,” he said.