Hyderabad: The real estate sector in Hyderabad was booming in 2019 amid ongoing economic slowdown across India. The number of approvals for new constructions rose to a new benchmark level beating previous records. After the formation of Telangana in June 2014, the new state witnessed a record level of growth when compared with the united Andhra Pradesh. GHMC gave approvals to a whopping number of 16,801 in 2019 and recorded Rs 987 crore in revenue.
GHMC approvals were below 16,000 in 2018. The corporation witnessed Rs 646 crore revenues in the first nine months of the current fiscal — a Rs 133-crore additional revenue when compared with Rs 513-crore revenue in the 2017-18 financial year.
With an exception to Telangana, the realty space across the country has been sluggish. GHMC gave approvals to 14,600 independent houses including 2,500 multi-storey buildings in Hyderabad.
Affordability and booming technology sector are adding value to Hyderabad real estate sector. “Several MNCs are expanding or entering Telangana because of this and real estate demand is growing in the city when compared to other metro cities. Majority of independent houses are coming up the eastern part of Hyderabad, while MNCs are setting up facilities in the western part of the city,” said a realtor.
One construction company got approval for constructing 1,216 flats in a 30-storeyed building at Gopannapalli. Another tower of 36 floors and a multi-storeyed building with 34 floors are coming up at Khajaguda. A 36-storied building is in progress at Kukatpally.
With 2,380 sanctions, Hayatnagar area recorded the highest number of approvals followed by Alwal with 1,511 and Kapra with 1,429, while Chandrayangutta recorded the lowest number of approvals with 41, and Yusufuguda had 83 sanctions.
Serilingampally accounted for half of 153 mega commercial buildings followed by LB Nagar with 25 sanctions and GHMC gave approvals to 153 mega construction projects.