Hyderabad,
Dec 27: Telangana Real Estate Developer Association (TREDA) in association
with JLL has released research report on Telangana Real Estate “ The new face
of India’s growth story”, here on Tuesday night.
Telangana Panchayat Raj Minister Jupally Krishna Rao, who
released the report reminded the Real Estate developers against violating rules
and regulations. He told the Real Estate developers to stick to the approved building plans and also promote green buildings”.
Mr Rao said that the industry friendly policy TS iPASS, transparency, availability of land, power and skilled manpower and among other factors would attract the investors in the state.
Replying to a question, Mr Rao said that the State government would constitute Real Estate Regulatory Authority (RERA) soon.
The report highlighted the initiative that Telangana Government has undertaken to ensure long term economic sustainability in the state and steer the growth of infrastructure that will help redefine its identity as a vibrant and prosperous state.
Real estate and construction sector together contributes 13 per cent of Telangana’s GSDP. Over the last three years, the real estate sector especially percentage of growth in residential, commercial, retail and office space were significant. Office space absorption set new records and was at 6.5 million sq ft in 2016. In the major IT hub the vacancy rate was significantly reduced to 5-7 per cent and office rents increased by 23 per cent.
Growth of the residential space has also been phenomenal and it saw 30 per cent year-over-year (YOY) increase in launches of residential units. Capital values of residential properties increased by 8-10 per cent y-o-y in the last three years with revived demand and Hyderabad saw a 6-10 per cent increase in residential sales.
There was increase in the number of shopping malls and restaurants is also bringing in opportunities for real estate development and 6 million sq ft of mall space is expected in next three years. It will also lead to 25 per cent increase in restaurant space inside malls.
TREDA President P Ravinder Rao said an amount of Rs 22,784 crore was earmarked to be spent on infrastructure development in the state. This would boost the real estate market in the state, he added. UNI
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