‘Hyderabad to see unimaginable growth over next five years’

Hyderabad: Hyderabad will witness an unimaginable growth over the next five years, says T Bhanu Prasad Rao, Chief Whip and Member of Telangana Legislative Council, Karimnagar Constituency. After inaugurating the NAREDCO Telangana Property Show, he spoke about various infrastructural developments and changes that took place in the city over last eight years and the way ahead.

Having associated with the construction industry since 1991, he said that the real estate market has seen a drastic transformation in the past few years when compared to before-2014 period. It was a hectic task for the builders to get permissions until Telangana State Building Permission Approval and Self-Certification System (TS bPASS) was introduced by the State government. The TS bPASS has simplified the job of realtors. Under the leadership of Chief Minister K Chandrashekar Rao, Telangana government has implemented several proactive policies to boost the real estate sector in the State. It has decided to allocate Rs 10,000 crore every year in the Budget for the development of Hyderabad. However, it was not implemented initially for two years due to Covid-19 pandemic. Bhanu Prasad revealed that the State government has spent Rs 10,000 crore this year on the infrastructural developments in Hyderabad including construction of new sewage treatment plants (STPs). As a result, the city is treating all the sewage generated before entering into the water bodies. The government has been focusing on industry-friendly policies and implementing them successfully.

Speaking about the scrapping of GO 111, he said: “This is a very good decision for the development of Hyderabad. Unlike the rumours spread against it, the real estate market will not collapse in the city but prosper because of this. There may be some challenges in the execution. It will take some time but it will be fruitful to both the developers and home buyers.”

The Chief Whip further said, “The skyline of the city has changed completely due to the unlimited Floor Space Index (FSI) policy. Hyderabad is the only city in the country with no restrictions on the FSI. With better policies and prevailing law & order situation, the city has become a safe haven for investors. This also led to the boom in real estate sector.

The BRS MLC showed confidence of winning the upcoming Assembly elections. He said, “Again, our party will come to the power and the same kind of development will continue in the State,” he anticipated.