Thursday, January 20, 2022
BusinessRealty sector continues boom

Realty sector continues boom

Published: 31st Dec 2021 4:44 pm

Hyderabad: The Covid-19 pandemic, which brought everything to a halt, apparently failed to have any adverse effect on the growth of real estate in Hyderabad.

- Advertisement -

This is evident from the fact that for whatever time the Greater Hyderabad Municipal Corporation’s Town Planning wing was operating during the lockdown-hit 2020-21 financial year, builders kept the wing busy, with the corporation issuing 11,538 building permits and raking in Rs.797.13 crore as revenue from this activity alone. This apart from another Rs.136 crore paid as installment money by builders and developers during this period.

The figures in 2019-20 were slightly high with the number of building permits granted being 17,833 and revenue being Rs.957.55 crore. The permits and revenue in 2020-2021 is significant as due to the lockdown, many who wanted to go ahead with construction activity could not do so as all offices of architects remained shut and workers headed home.

More interestingly, out of the 11,538 buildings approved, a whopping 11,372 were residential, while only 149 were commercial and 17 were for setting up hospitals, schools etc. According to GHMC officials, out of the total permits, 67 applications were for high-rise building which were approved. Currently, the tallest tower in the GHMC limits is a 44-storied project located in Nanakramguda while the tallest in the HMDA limits is a 57-storey structure located in Kokapet.

Multiple surveys by property consultants also revealed that Hyderabad was emerging as a key hub for flexible space providers.

“Hyderabad recorded an over 270 per cent rise in new supply from 3,380 units in Q1 2020 to approximately 12,620 units in Q1 2021, it also saw the maximum rise in sales in this quarter among the top cities,” Anuj Puri, chairman, Anarock Property Consultants said. “City sales increased by 64 per cent from 2,680 units in Q1 2020 to approximately 4,400 units in Q1 2021,” he added.

In a survey by Knight Frank India, many respondents were inclined to shift to a new home within the city and over 55 percent of them were willing to buy a second house in Hyderabad. Samson Arthur, Branch Director – Hyderabad, Knight Frank India said that irrespective of Covid- 19 Hyderabad market was a promising residential destination for end users and investors alike.

• Duration: April 1, 2020 to March 31 2021

• Number of building permissions: 11,538

• Residential: 11,372

• Commercial; 149

•Hospitals, schools: 17


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 .


Also Read

- Advertisement -

Latest News

- Advertisement -