The State government accords priority to the real estate sector as an important contributor to the State revenue and growth, Minister for Revenue and Housing Ponguleti Srinivas Reddy said on Friday.
He observed that the major concerns of the realty sector in the State include the loopholes in the revenue system and Dharani, the flagship land record management system which was implemented by the erstwhile Bharata Rashtra Samithi (BRS) government.
“From common man to real estate businesses, everyone was harassed. Dharani has caused such disaster,” he said. But as per the promise made by the Congress party at the time of elections, the government will resolve all the hindrances, he said assuringly.
Speaking at the inaugural event of the three-day property show organised by the Confederation of Real Estate Developers’ Associations of India (CREDAI) here, Mr. Srinivas Reddy said Chief Minister A. Revanth Reddy would soon deliberate on the prevailing concerns in the sector, and suitable committees would be formed.
The aim would be to benefit the end user and implement measures that protect the interests of the real-estate customers in the State, which would directly encourage the growth of the sector and thereby contribute to the rapid development of the State, he explained.
CREDAI president V. Rajashekar Reddy, as per recent figures, said the realty business in Hyderabad has been vibrant across residential, commercial and retail sales.
“In February, the State registered a 21% rise in the number of properties registered and a 42% increase in the value of assets registered as compared to last year. We are witnessing a robust demand for premium homes, besides the homes in the price range of ₹25-50 lakh,” he said.
The ‘Mega Master Plan 2050’ for comprehensive development of the State announced by Mr. Revanth Reddy, the proposed Musi corridor works, reported unification of the greater city corporation, and the two elevated corridors from Paradise Junction to Outer Ring Road (ORR) Junction at Shamirpet, would drive major growth and infrastructure, he observed.
The 13th edition of the Association’s property show being held at Hitex exhibition centre displays popular Real Estate Regulatory Authority (RERA) registered properties and it will be open till March 12.
