HYDERABAD : The real estate business in Hyderabad is seeing a boom with rising construction permits and registrations of plots and buildings. Since the Congress came to power, the number of registrations within HMDA limits and the revenue from registrations have witnessed a spike. The issuance of permits for new constructions has also seen substantial growth.
Between December 2023 and June this year, the government received Rs.4,670.52 crore from plot and building registrations, an increase from the Rs 4,429.23 crore recorded between May 2023 and November 2023.
During the last seven months, there were 2,18,160 registrations, up from 1,93,962 in the same period last year, indicating a 12.5% increase. Additionally, 54,111 flats have been registered so far this year compared to 50,535 in the same period last year, reflecting a 7% rise.
The GHMC and HMDA approved the construction of 18,077 buildings from December 2023 to June this year. This marks a 13.17% rise compared to the seven previous months.
On the other hand, plans to extend the HMDA limits to the Regional Ring Road (RRR) and the government’s focus on its construction have created a favourable environment for the real estate sector, experts opined.
Additionally, officials anticipate many changes in the city’s landscape due to projects like the Musi riverfront development, Metro rail expansion and construction of elevated corridors linking national highways from Secunderabad.
BFSI sector occupies 30% of office spaces
Many major Banking, Financial Services and Insurance (BFSI) organisations established their presence in the city in the first half of 2024 (H1 2024). In this period, the BFSI sector emerged as one of the top three occupiers of office space, capturing 30% market share. Renowned firms like Cigna Healthcare, Lloyds Bank, Swiss Re, MetLife, DTCC and Ameriprise established their offices in Hyderabad. Industry leaders said: “This influx reflects the growing confidence in Hyderabad’s robust infrastructure, skilled workforce, overall business environment and a stable political environment.” The government believes that the recent influx of industries will enhance Hyderabad’s standing as a business hub capable of accommodating different industrial sectors.