Hyderabad: Revenue, Housing, Information and Public Relations Minister Ponguleti Srinivasa Reddy dismissed claims that Hyderabad real estate had weakened under the Congress government. He alleged that some people were deliberately spreading false propaganda to discredit the government. He said the Stamps and Registration Department had official records showing continued growth in the sector.
Speaking at a programme in Hyderabad on Saturday, the Minister said the real estate sector had recorded around 15 to 20 per cent growth during the last two-and-a-half years. He also claimed that flat sales had increased by nearly 40 per cent during the same period.
According to Ponguleti, the residential market had expanded significantly compared with the previous decade. He said the rise in property registrations reflected the sector’s growth. Further, he urged people not to believe misleading campaigns about the market.
He credited the Congress governments that ruled the undivided Andhra Pradesh between 2004 and 2014 for Hyderabad’s transformation. He said projects such as the Outer Ring Road, the international airport and the IT sector reflected their long-term vision. Moreover, he said investors had shown strong interest in Hyderabad during the recent World Economic Forum meeting in Davos attended by Chief Minister A. Revanth Reddy.
Hyderabad real estate backed by infrastructure projects
Meanwhile, Ponguleti said the government was implementing planned infrastructure projects to strengthen Hyderabad’s future growth. He announced that officials would invite tenders within the next week to 10 days for the first phase of the ₹7,000-crore Musi rejuvenation project. The first phase covers 28 kilometres.
In addition, he said the government would launch the second phase of the Hyderabad Metro Rail expansion. The project will cover 76 kilometres, including the Old City. He said the expansion would cost about ₹24,000 crore. Officials are also preparing proposals for radial roads linking the Regional Ring Road (RRR) with the Outer Ring Road (ORR).
Further, the Minister urged real estate developers to deliver flats on time and maintain the confidence of homebuyers. He said the government had introduced the Bhu Bharati Act to strengthen land security. He added that officials would resolve software-related issues within 15 to 20 days.
Accordingly, Ponguleti said the government was giving equal priority to affordable housing. The first phase of the Indiramma Housing scheme will provide one lakh houses in the Core Urban Region (CURE). More phases will follow. He also said the government was trying to acquire two to three lakh square feet of land for housing projects. Responding to requests from the real estate sector, he said the government would examine a fast-track approval system.
Khammam MP Raghuram Reddy and others attended the programme.