Revenues from real estate up since December in comparison to sales and registrations in the previous year

Revenue generated through the registration of plots and buildings is ₹4,670.52 crore, much higher compared to 6 months before December 2023

Published - July 09, 2024 08:32 pm IST - HYDERABAD

The total number of registrations in the last seven months was 2,18,160, which is higher than 1,93,962 registrations done during the same period last year.

The total number of registrations in the last seven months was 2,18,160, which is higher than 1,93,962 registrations done during the same period last year. | Photo Credit: MOHD ARIF

Rejecting the concerns that the real estate has been hit in the last few months, government officials have claimed that registrations have seen an upswing and the revenue to the State exchequer from registration of plots and buildings has increased.

Sources in the government, unwilling to be quoted, said that income from registrations under GHMC and HMDA has increased since the Congress government took over compared to the previous six months. Since the new government assumed power in December 2023 to the end of June 2023, revenue generated through the registration of plots and buildings is ₹4,670.52.

Seven months before the new government took over, from May 2023 to November 2023, the revenue was ₹4,429.23 crore, an increase of ₹241.29 crore. Compared to the same period last year (December 2022 to June 2023) the revenue is higher by ₹270.86 crore. This was a sign of growth in the real estate sector in Greater Hyderabad, officials explained.

According to officials, the total number of registrations in the last seven months is set at 2,18,160, which is higher than 1,93,962 registrations done during the same period last year. That is a 12.5% increase. Officials further said that 54,111 flats have been registered so far this year as against 50,535 flats during the same period last year registering a 7% increase.

From December 7 last year to June 30 this year, the number of building applications granted under GHMC and HMDA is put at 18,077 while the number of building permits given from May 2023 to December 6, 2023 was 17,911.

Similarly, building construction permits approved under the Greater Hyderabad Municipal Corporation in the seven months were 7,809. Compared to the previous seven months, there was an increase of 13.17%, officials explained. The growth in the real estate sector is despite financial transactions frozen for almost three months due to the Election Code.

Officials further said that the face of the city will change in the coming days with the ambitious Musi River Front Development project taken by Chief Minister A. Revanth Reddy, apart from the expansion of the Metro Rail and the construction of two elevated corridors connecting the national highways from Secunderabad.

The plans to extend the scope of HMDA up to the Regional Ring Road and the government’s focus on constructing the Regional Ring Road will further boost the sector, officials argued.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.