Vemula Prashanth said the real estate in Telangana was booming on account of the policies and schemes introduced by the State government.
Hyderabad: After the Outer Ring Road, the State government is now focusing on the Regional Ring Road (RRR) project, which Roads and Buildings Minister Vemula Prashanth Reddy said would propel the real estate industry by 20 to 30 years into the future.
“Once the RRR is developed, the sky will be the limit for the real estate industry,” he said, pointing out that Chief Minister K Chandrashekhar Rao was committed on making the RRR project happen at the earliest. He had also made a unique offer before Government of India so that the project would not be delayed.
“We have proposed to the National Highways Authority of India that 50 percent of the costs of land acquisition for the RRR would be borne by the State government. No other State has taken such steps,” he said, adding that while people would get houses, flats and land at a reasonable price, the real estate industry would also benefit from such projects.
Speaking after inaugurating the 10th edition of the Hyderabad Property Show being organised by the Confederation of Real Estate Developers’ Associations of India (CREDAI) at HITEX, the Minister said the real estate in Telangana was booming on account of the policies and schemes introduced by the State government. The law and order situation and the quality of governance were major factors, he said, pointing out that employment opportunities too were created.
“The development of Regional Ring Roads is an innovative scheme planned by the Chief Minister, and will prove to be the catalyst of the next growth phase of the State,” the Minister said.
Prashanth Reddy also highlighted the Strategic Road Development Plan (SRDP), a brainchild of Municipal Administration and Urban Development Minister KT Rama Rao, pointing out that a series of infrastructure works under the SRDP and development of link roads had improved connectivity, while the 24/7 power supply in the State was another game changer for growth and development in Telangana.
P Ramakrishna Rao, president, CREDAI Hyderabad, and V Rajashekar Reddy, General Secretary, CREDAI Hyderabad, also spoke.