Construction activity accelerates in Hyderabad with upsurge in building permission
The Indian real estate sector has been witnessing several policy changes since the past two years. Implemented to create a transparent market, these policies have led to its sluggish growth across the country.
The major regulations introduced include – Real Estate Regulatory Act (RERA), Real Estate Investment Trust (RIET), Goods and Services Tax (GST) and demonetization. While the rest of the sector is still struggling to adapt to the regulatory changes, the Hyderabad real estate market is flourishing.
The city has been showing clear signs that the realty sector is gaining pace. The Greater Hyderabad Municipal Corporation (GHMC) has doubled the number of building permissions issued for the year 2017-18. For the year 2016-17, the permissions granted were just 8,704.
Compared to 10,025 permits in 2013-14, year 2017-18 broke the records with 15,777 permissions. The year has generated Rs 647 crore for the municipal corporation by crossing the 15,000 mark.
With an increasing number of building permissions issued in the last financial year, the Hyderabad real estate market is likely to experience an upsurge in the construction activity. Among the 15,777 permissions granted, 14,526 accounted for individual buildings, 1,005 for residential apartments and 99 for high rise commercial projects.
The realtors of the city, including Ramky Group, Janaharsha Group, Dream India Group and others, are positive with the rise in the building permissions. With a team of professionals, these realtors are all set to utilize this opportunity to the fullest.
The surveys conducted earlier pointed out at the already thriving construction activity in the city. A senior official said that the increased number of building permissions are setting a trail for the development of Hyderabad as a Global City.
Apart from the construction activities picking up pace, the city has been topping the charts in various other vectors. It has stood as the top city across India in the JLL City Momentum Index (CMI). It has beaten Bengaluru in the global charts, which took the second spot this year.
Moreover, in Mercer’s Quality of Rankings 2017, Hyderabad ranked as the top Indian city in the Quality of Living ranking for the third year in a row. Industrial experts claimed that the Hyderabad real estate sector will be most promising for investors this year.
Making it convenient for the developers and landowners, the municipal corporation had introduced online building plans approval system. This has not just expedited the building plan approval, but also played a crucial role in increasing the trust and confidence of citizens.
With the increased number of building permissions, the realtors too are looking forward to augment the construction activities. All the positive changes happening in Hyderabad are expected to bring exceptional growth in the coming years.