Hyderabad’s real estate is on a positive curve, with the market showing an 18 percent share in the first half of the year between January and June 2021 across the top seven cities in India. The new figures are in line with the consecutive quarter-on-quarter and year-on-year growth that was seen in the city since the pandemic broke out.
Telangana also witnessed the launch of the Telangana State Building Permission Approval & Self Certification System, which is a unique platform for getting building approvals and construction of building approvals through a self-certification system within 21 days.
Also, the Telangana government has announced a reduction in property tax for FY 2021, which is likely to boost property sales, according to CBRE South Asia. Property taxes have grown CAGR 1-6 percent in the luxury segment and 2-7 percent in the mid-level segment since 2010 in Hyderabad. The city, along with Bengaluru and Pune, has recorded growth at the higher end of the range.
If one looks at the pan-Indian scenario, the sales picked up in the 1st quarter of 2021, with Pune leading the game with 26 percent market share, followed by Mumbai at 19 percent. Hyderabad and Delhi-NCR were closely behind Mumbai, with 18 percent and 17 percent shares, respectively.
As per a report in CBRE South Asia, policies announced by central and state governments, RBI, coupled with incentives provided by the developers, led to an increase in property sales across the country. Affordable housing has been on the agenda of the central government ever since it issued the policy ‘Housing for all by 2022’.