The construction of houses in the Greater area has increased tremendously in the past financial year. GHMC gave permission for 11,538 structures in 2020–21 and 17,572 in 2021–22. Of that, 17,334 houses were under construction. Apart from these, permission was given for 83 high-rise buildings. Of these, 13 are for 30 floors.
In addition, it has issued permits for two multiplexes. The construction sector was completely down when the pandemic entered the country. But with COVID-19 cases on a decline, the real boom is back once again. Most of the permits issued last year were given in the past six months itself indicating the recovery. Through these, GHMC got huge revenue. The Revenue was Rs 661 crore in 2020–21 and Rs 1,144 crore in 2021–22.
After Corona, people are showing interest to stay in individual houses. Individual houses are mostly the structures that are currently under construction. 100 to 200 square yards are being built individually. When Corona entered, the tenants in the city vacated and went to their native places. As a result, there is no major construction activity in 2020–21. To-Let boards were found everywhere in the house. Employees have returned to the City as conditions are now completely normal. IT employees are also coming. Real estate agents say this will increase demand for rental homes. With demand increasing, experts say that rates could rise further. The reason for this is the increase in the cost of cement, sand, steel, and labor.