Hyderabad Metro phase I to become operational in November 2017
September 10, 2017

Telangana government plans to launch the first phase of Hyderabad Metro in November 2017. It has requested the Prime Minister to inaugurate its operation. State government claims that Hyderabad Metro project is the largest Public Private Partnership (PPP) project in India, and involves a cost of Rs 15,000 crore. Currently, construction is being carried out in three phases over an area of 72 km. Meanwhile, a 13 km-long stretch between Ameerpet and Miyapur as well as the 17 km-long Ameerpet-Nagole corridor have already been completed. Officials state that the metro stations in these routes are also ready. The government has…

Hyderabad witnesses rising commercial rentals in H1 2017
August 29, 2017

According to a report published by CIRIL, rental values of commercial properties in Gachibowli and Financial District in Hyderabad have seen an upward trend in the first half (H1) of 2017. The rise in rental values in the commercial segment is due to the increased demand for office spaces from the Information Technology (IT) and IT enabled Services (ITeS) sectors. In the first six months of 2017, around 2.2 million sq ft of grade A office spaces were leased in commercial hubs such as Madhapur, Hi-Tec City, Raidurgam, Gachibowli, Kondapur, and Financial District. It is expected that another three million…

Hyderabad infrastructure to get Rs 10,000 crore boost
August 23, 2017

Telangana government plans to spend Rs 10,000 crore for upgrading infrastructure in Hyderabad in the next few years. Several connectivity projects have already been tendered by the government. KT Rama Rao, municipal administration minister shared that the government will spend Rs 2,000 crore on two major flyovers, JBS-Thumkunta and Paradise-Kompally, as soon as it receives clearances from the defence department. Two more flyovers, Amberpet chowarasta-Uppal and Uppal-Ghatkesar, are currently in the tendering stage, and will involve an investment of Rs 250 crore and Rs 1,000 crore, respectively. In addition, the state government may also decide to extend the Balanagar flyover up…

Telangana RERA: Regulator and appellate tribunal likely to be delayed
August 18, 2017

Notified on August 4, Telangana Real Estate (Regulation and Development) Act (RERA) is yet to give the intended benefits to the real estate industry since the state has not formed the regulatory authority yet. In addition, there is no appellate tribunal either which would look into complaints against decisions taken by the regulator. Officials state that the Municipal Administration Secretary would act as the interim regulator until the permanent authority is formulated. According to the Telangana RERA rules, a committee consisting of the High Court Chief Justice or his nominee, Law Secretary, and Housing Department Secretary will select candidates for…

Telangana RERA: Developers request exemption from mortgage clause
August 15, 2017

Developers in Telangana have requested the state government to offer them exemption from the mortgage clause which requires them to pledge ten percent of the approved built-up area to the local authority. This is to ensure that developers do not deviate from the approved plans, and once the project is completed without violations and acquires occupancy certificate, the pledged area is returned to the developer. However, if the project deviates from the approved plan or violates any rules, the developers have to give up the pledged area and the authority can demolish any additional constructions. Developers explain that as the…

Telangana government to set up a town planning tribunal soon
August 9, 2017

Telangana government plans to set up a Telangana Municipal Building Tribunal (MBT) which will deal with town planning cases. Illegal constructions in areas within the Greater Hyderabad Municipal Corporation (GHMC) will be the prime focus of the tribunal. The tribunal will have to follow the processes mentioned in the Code of Civil Procedure, 1908, and will have civil court powers. Navin Mittal, MA&UD department secretary, shared that the process of appointing members for the tribunal has already begun and is expected to be completed soon. Once it becomes operational, the tribunal will help in disposing off pending cases quickly. It should be noted that…

Telangana notifies RERA rules
August 4, 2017

Telangana government has finally notified the state rules under the Real Estate (Regulation and Development) Act, 2017. All ongoing projects being constructed on 500 sq m plots or having more than six units, or those approved after January 1, 2017 will come under the purview of the Real Estate Act. S Balakrishna, Additional Director, municipal administration department, comments that RERA will exclude those projects which have received occupancy and completion certificates. Officials state that the Telangana government has made minimal changes in the central Act to avoid any complaints about dilution. It should be noted that states like Andhra Pradesh…

Telangana government fails to notify RERA rules
July 31, 2017

Despite receiving additional time from the Centre, Telangana has failed to notify its rules under the Real Estate (Regulation and Development) Act (RERA) by July 31. Since developers cannot sell or advertise any projects from August 1 without registering under RERA, real estate market in the state is likely to be impacted by this delay. Officials share that the rules have been sent to government for approval and is expected to be notified in 10 days. The industry might receive an extension of two to three months to adhere to RERA guidelines and complete registration considering that the state rules…

Hyderabad and Bangalore remain top office markets: JLL
July 22, 2017

According to a report by JLL India, Bangalore and Hyderabad topped the total office space leased across India's top cities in the second quarter (Q2) of 2017. Both state capitals accounted for 47 percent of the total leasing volume during the period. The report also stated that Hyderabad has witnessed a 98 percent hike in net absorption of office space, reaching 1.9 million sq ft during April-June 2017. However, in Bangalore, a marginal growth of at 0.4 percent was recorded in absorption levels. The overall growth in office space absorption has dipped due to lower supply hitting the market, explained…

RERA impact: Rental prices to go up by 4% in Hyderabad
July 15, 2017

According to a report by Colliers, rental prices in Hyderabad are likely to go up by four percent in the coming months on the back of the implementation of the Real Estate (Regulation and Development) Act (RERA), 2016. It should be noted that RERA rules are yet to be notified in Andhra Pradesh. However, once in effect, the rules will push rental prices in the state north by 10 percent in the coming three years. Under RERA norms, all upcoming and ongoing real estate projects are mandated to get registered with the regulatory authority by July 31. Experts believe that…

Telangana RERA to conform with Centre’s rules
July 14, 2017

The Telangana government is likely to adopt the rules in the Centre’s Real Estate (Regulations and Development) Act (RERA) without many deviations. This is likely to cheer homebuyers in the state as several states have diluted the norms prescribed in the central RERA. By keeping Telangana RERA rules in line with the Centre will allow the state to protect the right of homebuyers against errant developers. While RERA came into effect across the country on May 1, Telangana is yet to even release the draft rules. However, Telangana is not the only state which has not implemented RERA rules. Haryana,…

Deadline for Hyderabad Metro pushed to November 2018
July 9, 2017

Hyderabad citizens will have to wait a little while longer to enjoy metro connectivity as the deadline for the completion of the metro project has been extended by 17 months. This decision has been taken after requests by the L&T Metro Rail Hyderabad Ltd (L&TMRHL) for more time to complete the project. Experts share that the project was initially scheduled to be completed by July 2017, but land acquisition issues led to the concessionaire missing the deadline. As per the revised timeline, the Hyderabad Metro project will be ready for operations by November 2018. However, this excludes the five km…

Hyderabad tops investment destinations in Asia Pacific: Report
June 15, 2017

As per the latest report by Cushman and Wakefield, six Indian cities have emerged as the top investment destinations in the Asia Pacific region, including Hyderabad, Bangalore, Chennai, Delhi National Capital Region (NCR), Mumbai, and Pune. Hyderabad tops the list due to substantial growth prospects in commercial office activity. Siddhart Goel, Senior Director, Research Services, Cushman & Wakefield, stated that global investors are now ready to leverage Indian realty markets. With improving Gross Domestic Product (GDP), better business environment, and investor-friendly policies introduced by the government, India has become a lucrative market for investment. Sectors such as Banking, Financial services…

Government considers new funding modes for Amaravati
June 8, 2017

In an attempt to finance the development of Amaravati, the new capital of Andhra Pradesh, the Capital Region Development Authority (CRDA) is working on a new plan. The Authority hopes to raise about Rs 14,250 crore in the next three years. The need to revise the financing plan for the project arose as CRDA has been able to acquire only Rs 14,200 crore out of the total amount of Rs 58,000 crore which needs to be acquired over 20 years. Officials have shared that the new plan includes a mixture of funding modes such as the Private Public Partnership (PPP) model,…

Raidurg in Hyderabad witnesses escalating land prices
May 20, 2017

While occupancy levels in Hyderabad are improving, land values in the state are also showing signs of a healthy growth. The recently held e-auction of two land parcels in Raidurg justifies the aforesaid statement. Telangana State Industrial Infrastructure Corporation (TSIIC), which recently held an e-auction for plots in Hyderabad, reported a land parcel near Knowledge City in Raidurg fetching the highest bid ever of Rs 88,000 per sq yd. TSIIC also sold a 2.84 acre plot at around Rs 42.5 crore per acre while another plot of 2.14 acre fetched Rs 29.33 crore per acre. The authority mopped up about…

Hyderabad to have 1 lakh 2BHK homes for urban poor
April 29, 2017

This fiscal will offer about one lakh 2BHK homes to the poor in Hyderabad. As confirmed by state government officials, 300 2BHK units will be constructed for the poor in Mahbubabad district will be completed in the next six months. Kadiyam Srihari, Deputy Chief Minister (CM), Telangana recently laid the foundation stone for the project. The collector would have to identify the beneficiaries of such homes after conducting a survey. Speaking on the occasion, the Deputy CM also urged the district administration to identify 10 acres of government land in Mahbubabad where construction of more G+1 flats for the poor…

Hyderabad civic body’s property tax arrears reach Rs 1,228 crore
April 16, 2017

Officials of the Greater Hyderabad Municipal Corporation (GHMC) share that over two lakh tax payers did not pay their property taxes during the last financial year. This has led to the property tax arrears owed to GHMC reaching Rs 1,228 crore, including the interest on the arrears. The largest share of arrears of over Rs 150 crore has to be received from Khairtabad circle, which includes posh localities such as Jubilee Hills and Banjara Hills. Secunderabad, Abids, and Old City (Charminar) are other areas from where significant arrears are pending. The GHMC tax wing has not been able to collect…

Hanging bridge in Hyderabad to enhance connectivity between Durgam Cheruvu and IT hub
April 11, 2017

The construction work on Hyderabad’s first cable bridge is all set to commence soon. The Greater Hyderabad Municipal Corporation (GHMC) has already taken up site preparation for the hanging bridge across Durgam Cheruvu, which will cost the civic body Rs 184 crore. The long-awaited bridge will decongest Jubilee Hills Road No 36 that experiences high traffic flow during peak hours. It will also offer a breath of relief for people who travel towards Madhapur from Jubilee Hills Road No 45 and surrounding areas. While the bridge’s general alignment and design drawings are being prepared, the construction work will begin in…

Page 1 of 55