If real estate transactions are any measure of Hyderabad’s allure as a destination of choice among investors, then developments in the last few months, that included bifurcation and elections, seemed to have had little impact.
While the general mood among investors was that of pessimism, this however has not reflected very badly on real estate transactions, officials here maintained.
Top officials from the Department of Stamps and Registrations pointed out that barring a brief bump during elections, real estate transactions are on track in Hyderabad and Ranga Reddy.
“Everybody was expecting a huge impact due to bifurcation and its outcome on real estate sector in Hyderabad. However, it’s not as big as it was made out to be. After elections, things have started to pick-up in a big way,” says Deputy Inspector General (DIG), Stamps and Registration, Vemula Srinivasulu.
Brand imageRegistrations have started to pick up in Hyderabad and the number of documents, which were coming in trickle during elections, have started to increase. “Because of thriving IT sector, new projects like metro rail, climate and culture, interest and brand image of Hyderabad will not diminish easily. It’s just a matter of creating the right environment for investments,” the DIG said.
The department officials acknowledge that between April and May, when the country was in the midst of general elections, there was a dip in documents received for registrations in Hyderabad. However, later, the demand picked up. Between this April and June in Hyderabad, the department received 8,547 documents for registration against 9,608 documents received during the same period last year.
Transactions high“While documents received were less, the value of the transactions was definitely high. Last year, during the same period, the department received close to Rs. 91 crore while this year, in the same period, collection was Rs. 105 crore. Transactions immediately picked up after elections,” the DIG analyses.
The trend continues even in RR district. In 2014-15, up to June, documents received were 41,500 while revenue generated was nearly Rs. 295 crore. Last year, during the same time, 50,000 documents were received and revenue generated was Rs. 350 crore.
