While appreciating the Telangana government reforms like the Dharani Portal and the Telangana State Building Permit Approval and Self-Certification System (TS-bPASS), the Telangana Real Estate Developers Association (TREDA) asked the government to check the prices of cement and steel. which have increased quite drastically.
During a virtual press conference, TREDA President R. Chalapathi Rao, General Secretary B. Sunil Chandra Reddy, Executive Vice President Vijaya Sai and Treasurer K. Seedhar Reddy said that the steel prices had increased by almost ₹ 5,000 per tonne. The government intervened earlier but it did not help much and if the real estate sector is to continue to grow, cement and steel prices need to be brought under control. And it will also be in the interest of the growth of the state.
Mr. Chalapathi Rao said Telangana had not benefited much from the Special Window for Affordable and Middle Income Housing (SWAMIH) program announced by the central government. This program was only suitable for New Delhi and Mumbai and the government should ensure that all cities in the country benefit from it. He also wanted GST concessions for the housing sector.
Mr. Sunil Chandra Reddy said that TS-bPASS will indirectly verify the rise in construction costs as decommitments are being made quickly now and capital is not blocked for more than a year. The new system ensures that building permits are erased within 21 days and that builders no longer have to wait longer than a year, resulting in increased interest on their capital. “If the investment goes down, it’s obvious it’s passed on to customers,” he said.
He said the increasing adoption of the concept of ‘working from home’ will only increase the desire for quality residential accommodation and may be reflected in people looking for accommodation better suited to working from home. .
The TREDA team expects Hyderabad’s real estate sector to rebound and new government initiatives to spur growth. “They will not only streamline the system, but also establish a progressive path,” they argued.