Size No Bar Concerning Builders and Developers in Hyderabad or Builders Across India

Large Builders and developers in hyderabad can now participate in the building and development of a new 20,000 crore 2 BHK housing project. The project was recently greenlighted by the Telangana government. The norms concerning who can participate in the building of such projects have been relaxed to accommodate large builders and to accommodate builders who have completed projects either for the government or the private sector.  

Everything that Led Up to This  

With regards to the large two bedroom project in Telangana, before the latest announcement, only contractors who had experience related to work for the central or state government departments or who had built for the central government or state government undertakings were permitted to partake in the building of the 2 bedroom apartment project in Hyderabad.   

The Chief Minister of Telangana K Chandrasekhar Rao has given his go ahead to ease the rules and to thus allow work to be completed faster. Under the new laws, the civil construction project contractors who work in the private sector and those contractors from outside Telangana will be able to take up the two bedroom program, one that has been remarked to be the Telangana government's flagship program.    

So Which Builders are Eligible? 

Any private or licensed builder who has built a project even if only once in the past 10 years is eligible to build in the Telangana government's prestigious 2 BHK project. Even builders who have not begun work on a project yet have only bid for one with a quote that has been attested by a chartered accountant shall be considered eligible to participate in the 2 BHK housing scheme.  

The reason the norms concerning the eligibility of builders have been expanded is that the Chief Minister is concerned with speeding up the construction of the 2 BHK flats in Telangana. 

What Needs to be Done 

According to the housing minister, nearly 2.7 lakh 2 BHK housing units need to be constructed in Telangana in the fiscal 2017-18. This includes housing units that will be constructed in the Greater Hyderabad Municipal Corporation (GHMC). Due to the size of the project, a large number of different builders of differing sizes have been considered suitable to take on the construction of the project. Even property in hyderabad and across the country who have built projects in the past worth 5 crore's are eligible to build the 2 BHK houses in Telengana.  

There are large New projects in hyderabad and across India who have the ability to construct all the housing necessary for an entire district and they are also eligible to participate in the construction of 2 BHK units across Telangana.   

Commercial Space Driving Demand for Property in Hyderabad

Property in Hyderabad commands lower rentals than does property in most other cities. This combined with a favorable business environment and an availability of office spaces is attracting large commercial brands and outside developers to Hyderabad. The large influx of global brands will not only lead to greater commercial success in Hyderabad but also will lead to greater demand for new projects in Hyderabad. 

Crunching the Numbers

While Hyderabad is a relatively small city when compared to larger metros such as Mumbai and Kolkata, it recorded a demand for office space last year that was more than three times that of Mumbai and four times that of Kolkata. Luxury property in Hyderabad will also benefit, as there will be greater demand for houses from workers who will be employed at the newly leased commercial spaces. Three factors have been in favor of Hyderabad including a favorable business environment, the availability of high quality office space, and competitive leasing rates.

What the Future Holds

Commercial property in Hyderabad benefited from a thirty seven percent hike in leasing activity last year as compared to the year before last. This expansion in demand for commercial property in Hyderabad is expected to continue this year as well, as new companies, particularly in the technology and pharmaceutical sector, enter Hyderabad. IT and ITeS companies leased 85 percent of the office space in Hyderabad last year and this trend is expected to continue into this year as well. In the future, apartments in Hyderabad along the IT belt will benefit greatly from their proximity to attractive office space. 

The Impact on Residential Markets

As commercial development in Hyderabad improves further, it will brighten the sentiments of residential projects in Hyderabad. Regions of Hyderabad that are close to commercial developments are likely to be the biggest beneficiaries from the absorption of large tracts of office space in Hyderabad. Residential markets such as Gachibowli, Kondapur, Chandanagar, Kukatpully Madhapur, and Hi-Tech city are expected to benefit greatly from the rising commercial space absorption in Hyderabad. The demand for real estate in Hyderabad at the localities mentioned is expected to grow substantially over the next few years and valuations are expected to grow beyond the 3,000 to 4,000 rupees per square foot mark.

Post By : Shrikant Sain

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