Hyderabad realty propel to the top
Hyderabad: The various policies and measures of State government including Growth in Dispersion policy, Telangana State Industrial Project Approval and Self-Certification System (TS-iPASS) and Telangana State Building Permission Approval and Self-Certification System (TS-bPASS) apart from propelling Hyderabad realty to the top have also resulted in real estate growth in different parts of the State.
The e-auction that commenced on March 14 and concluded on March 17 is one such example where plots located in different parts of the State saw great demand. During the four-day auction, 1,356 plots went under the hammer and 1,227 plots were successfully bid promising to generate Rs 567.25 crore.
Though initial expectations were for Rs 399.46 crore through the auctions, the biddings went up and high to surpass the expectations and Rs 567.25 crore is promised to be generated through the auction of 3.32 lakh square yards in Bahadurpally, Thorrur, Nalgonda, Mahabubnagar, Jogulamba Gadwal, Kamareddy, Peddapalli, Adilaabad and Vikarabad.
In addition to government policies, the prevailing law and order situation in the State, a horde of developmental works, schemes for all sections of the society are also seen as the key factors for the realty growth, said real estate industry experts including members of Confederation of Real Estate Developers Association of India (CREDAI).
“The sale percentage of the auction is 90.49 per cent which is very impressive and the policies adopted by State government are also the reason for real estate growth. As the plots are encumbrance-free lands with clear titles owned by the State government the building permits are also granted easily contributing to the success of the auction,” said CREDAI general secretary V Rajashekar Reddy.
According to the Hyderabad Metropolitan Development Authority (HMDA), Rs 334.72 crore was generated from the auction of the plots located in Thorrur layout in the eastern parts of the city and Bahadurpally layout in the northern part of the city.
The highest revenue of Rs.194.49 crore was generated through the auction of 220 plots at Thorrur, followed by Rs.140.23 crore through the auction of 77 plots at Bahadurpally.
The average bid price in Thorrur was Rs.27,890 per square yard, while the average bid price in Bahadurpally was Rs.30,087.79 per square yard. Meanwhile, the highest of Rs 50,000 per square yard was bid for a plot in Thorrur and the second-highest bid of Rs 38,500 was for a plot in Bahadurpally.
Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.
Click to follow Telangana Today Facebook page and Twitter .
