KTR assures 'Housing for all' in his next term

Hyderabad: KT Rama Rao, Minister for Municipal Administration & Urban Development, has announced to provide 'Housing for all' during his next term after winning the Assembly elections, scheduled to happen on November 30, 2023. He was the chief guest at Real Estate Summit 2023 in Hyderabad on Friday.

The Confederation of Real Estate Developers’ Associations of India (CREDAI) Hyderabad in association with National Real Estate Development Council (NAREDCO), Telangana Builders Federation (TBF) and Telangana Developers Association (TDA) organised the event. On the occasion, KTR assured to bring several schemes and programmes so that no household is the State is left without owning a home.

He said, "Already, our government has addressed the basic needs and medical necessities of the people in the first two terms. Apart from the 2BHK Housing schemes for the poor, we are planning to come up with an interest subvention scheme for the middle-class people, who can afford a loan to own a home."

Speaking about the State government's focus on the 3I matra - Infrastructure, Innovation and Inclusive growth, the Minister said: "Our government has brought in many administrative reforms such as Dharani. There may be some issues in that. It would be a silliest thing to scrap that policy due to teething pains. We will form an expert consultative committee to resolve all the problems being faced by the users."

The Real Estate Summit 2023 was a platform to understand the emerging trends and policies in the real estate sector across all asset classes. All the prominent real estate bodies organised this event with the participation of well-known developers from the State. Renowned international property consultancies like JLL, Cushman & Wakefield and CBRE conducted sessions highlighting the trends in the real estate sector and initiatives driving the growth in Telangana.

JLL shared its report on the overall trends across asset classes in the real estate sector in Hyderabad and Telangana. Cushman & Wakefield shared the insights on the Office Space & its growth potential in the State. CBRE presented its report on the trends in retail stores & food chains in the State. The sessions provided invaluable insights on the real estate sector in the city and avenues for future growth.

V Rajashekar Reddy, President, CREDAI Hyderabad said, “The real estate sector is the second largest contributor to the GDP of the country. The sector contributes significantly to the growth, revenue generation and employment, critical factors to the progress of Telangana State. Hyderabad real estate has witnessed tremendous growth since the formation of Telangana. This is primarily driven by the overall efforts to establish ‘Brand Hyderabad’ as an attractive city to live and work. During the July-September quarter, Hyderabad has emerged as the frontrunner in India’s office space market, registering a significant surge in leasing and new supply. There is a robust growth witnessed in the residential property absorption and supply. In October 2023 the city witnessed a 25 per cent jump in number of property registrations and a 41 per cent increase in the value of properties registered as compared to October last year. This reflects a robust real estate sector. The city is continuously attracting fresh investments as major MNC’s are setting up their large Global Capability Centres in the city and creating more jobs due to attractive real estate pricing, conducive business environment and availability of talented workforce. This as fuelling the growth, and likely to continue as long as we have stable and industry friendly government.”

Sunil Chandra Reddy, President, NAREDCO Telangana, said: “Telangana’s real estate sector is at an inflection point with the new policies, emerging trends and various initiatives in the sector that are paving the way towards sustainable growth of the industry. The government has played a pivotal role with the adopted reforms, policy frameworks and the investments in physical infrastructure development. The ‘GRID’ policy and the ongoing expansion of the Hyderabad Metro Rail network and the development of the Outer Ring Road (ORR) are set to open up new growth corridors, making the city more accessible and attractive for potential homebuyers. We hope the continuity of the reforms and proactive, pro-development trends to continue in the state and see the real estate sector blossom.”

G V Rao, President of TDA said, “The real estate sector is continuously growing in the city supported by the rapid infrastructure development, availability of talented workforce, pleasant weather and focused efforts to established Telangana as a destination for investments. Since the formation of the state, the state pioneered initiatives like TS-iPass and TS-bPass facilitating speedy documentation and approval systems, further accelerating the growth by establishing Telangana as an industry friendly state. We are hopeful that the state will continue to grow and become the best residential, commercial & co-working spaces markets for buyers across all segments, as projected in the presentations by the IPC’s at the Real Estate Summit.”