The Telangana government has asked the real-estate and infrastructure developers to identify new zones in Hyderabad for development by factoring in the upcoming industrial clusters to ensure a well-distributed and dispersed development.
“I appeal to developers to build and help activate the related infrastructure and growth corridors that the State government is proposing to develop,” Telangana IT and Municipal Administration and Urban Development Minister KT Rama Rao said.
Addressing a gathering after inaugurating the three-day CREDAI (Confederation of Real Estate Developers and Associations of India) Hyderabad Property Show 2022 here on Friday, he said that Hyderabad was the most affordable real estate market amongst the seven metros in the country with an average sq ft price of ₹4,400.
“It also tops office leasing in the IT sector. If we fail to maintain the continuum in providing the infrastructural facilities in line with the requirements of the sector, we will not only fail as a city but we will also fail as a nation,” he said.
“If CREDAI and the other real estate bodies are willing to come forward, we can consider setting up a training institute to make the local people employable by equipping them with relevant skills in the construction sector,” he said in a statement.
P Ramakrishna Rao, President of CREDAI Hyderabad, said that the construction industry was facing tough challenges due to the Covid-19 pandemic and the war in Ukraine, which has led to an unprecedented increase in the cost of raw materials.
“In spite of these challenges, Hyderabad has witnessed consistent demand for real estate across categories. The momentum is expected to continue in 2022-23 on the back of strong demand, and housing sales will continue to grow,” he said. “We have very low inventory levels, resulting in launches of new projects.”
April 30, 2022