Hyderabad Sees Record Property Registrations, Building Permissions
Government's plans to increase the HMDA limits up to the Regional Ring Road (RRR) have turned the tide in favour of the real estate sector.
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The real estate market in Hyderabad is experiencing a significant growth, with rising registrations of plots and buildings and increasing construction permits.
Unlike slowing down during the election period, the real estate market registered good numbers, highlighting Hyderabad’s remarkable progress. Since Revanth Reddy assumed office, there has been a considerable surge in the number of registrations within the Hyderabad Metropolitan Development Authority (HMDA) limits and the revenue generated from registrations.
The Telangana Registration and Stamps Department earned Rs 4,670.52 crore from plot and building registrations between December 2023 and June 2024, up from ₹4,429.23 crore recorded between May 2023 and November 2023.
The state witnessed 218,160 registrations, a surge of 12.5%, in the past seven months, an increase from 193,962 in the previous year.
Similarly, the build permits issued for new constructions has also grown significantly. Moreover, during the same period, a total of 54,111 flats were registered, up from 50,535 in the same period last year, reflecting a 7% increase.
From December 2023 to June 2024, the Greater Hyderabad Municipal Corporation (GHMC) and HMDA gave approval for construction of 18,077 buildings, marking a 13.17% increase compared to the previous seven months.
According to experts, the government's plans to increase the HMDA limits up to the Regional Ring Road (RRR) have turned the tide in favour of the real estate sector.
Other government announcements, such as the Musi riverfront development, the construction of elevated corridors linking national highways from Secunderabad, and Metro rail expansion, are giving the necessary push to the real estate market.
In the first half of 2024, the Banking, Financial Services, and Insurance (BFSI) sector occupied a 30% market share in terms of occupying office space.
Notable firms such as Cigna Healthcare, Swiss Re, DTCC, Lloyds Bank, Ameriprise, and MetLife have set up their offices in the city during this period.
