Even while highlighting the policy measures Telangana government has initiated for industrial development and the demand they are likely to propel for realty, a research report by JLL, a premier real estate services firm, has called for a policy on the lines of TS-iPASS for real estate projects.
Besides a TS-iPASS-like policy for real estate projects, to accord fast track approvals, it has suggested grant of tax incentives for good construction processes; speeding up issue of occupancy certificate; and amendment of height restrictions for retail and commercial buildings to match international standards.
The report, Telangana – the new face of India's growth story, brought out by JLL for the Telangana Real Estate Developers Association was released here on Tuesday by Minister for Panchayat Raj and Rural Development Jupally Krishna Rao.
The “focused developmental approach of the governance machinery and exemplary leadership has provided the necessary support and push towards a healthy and favourable business environment, high quality human capital, state-of-the-art infrastructure and productive real estate,” CEO and Country Head of JLL India Ramesh Nair said in the report.
Noting that real estate was back on the investment radar, the report said policies such as TS-iPASS, those for SMEs and start-ups, dalit entrepreneurs, that support innovation, aimed at developing technology firms and life sciences industry were bound to perk up demand for real estate sector. Besides spurring the need for more office space, industrial sheds and warehouses, they were expected to build demand for mid-to-affordable housing projects as well as associated infrastructure.
Addressing the gathering, Mr. Rao counted the industry-friendly policies, focus on transparency, availability of power, land and skilled manpower and growing income levels of the people among factors that attracted investors to the State.
The Minister urged real estate developers against violating rules and regulations. “Stick to the approved building plans and also promote green buildings,” he said. TREDA president P. Ravinder Rao said ₹22,784 crore was set to be spent on infrastructure development in the State. “This will bring positivity to the real estate market in Telangana, be it in residential or commercial segment”.
