After a two-year lull due to demonetisation and resultant slowdown, the real estate sector in and around Hyderabad has picked up. Displaying strong signals of revival, the stamps and registration department reported a revenue of 429.99 crore for December, the highest for any month in 2017. For the first time in 2017, the total number of registrations at various sub-registrar offices crossed the one lakh mark in December.
The total revenue from land registrations and stamp duty from April to December 2017 touched the magic mark of 3,000 crore. The revenue during the same period in 2016 was 2,837 crore. Because of demonetisation, the revenue officials were not hopeful of meeting their target, but they heaved a sigh of relief when they managed to surpass the 2016 figure by 163 crore.
The revival of real estate sector has been evident in Ranga Reddy, Hyderabad and Medchal-Malkajgiri district, which are part of Greater Hyderabad Municipal Corporation and Hyderabad Metropolitan Development Authority limits. With the realty rates already peaking, dealers are now waiting for the completion of construction of integrated collectorates and police complexes in the proposed district headquarters, which they anticipate would trigger a second round of real estate boom in the districts.
According to sources, the TRS government’s focus on strengthening the real estate sector in areas where major IT companies are coming up, such as Nanakramguda, Gachibowli and surroundings of Balaji Chilkur temple within the HMDA limits, paid off. “Also contributing to the growth is the encouragement of the state government to investors to construct residential colonies near the proposed Pharma City and IT SEZs. The carving out of new districts in the vicinity of Hyderabad, like Shamshabad, Yadadari Bhuvanagiri and Vikarabad, is also paying dividends,” said sources.
The Knight Frank consultancy, which monitors real estate activity across the world, said in its latest report (released on Jan 7, 2018) that Hyderabad witnessed office space transaction of 3.34 million square feet from July to December 2017, a five per cent rise compared to the same period last year. However, on a full year basis, there was a fall of four per cent in 2017, said the report.