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The formation of the new state of Telangana has given hope for a new phase of growth in real estate in the region.

To continue the momentum witnessed in the real estate sector, the real estate associations — the Telangana Real Estate Developers’ Association (TREDA), the Confederation of Real Estate Developers’ Associations of India (CREDAI), the Telangana Developers’ Association (TDA), and the Telangana Builders’ Federation (TBA) organised the ‘Real Estate Summit’ in Hyderabad.

The summit was inaugurated by K.T. Rama Rao, Minister for IT & Panchayat Raj, Telangana, in the presence of P Dasharath Reddy, President, TREDA, and other real estate bodies.

K.T. Rama Rao said, “We foresee a bright future for the Hyderabad region with multinational companies such as Google and Uber planning to set-up their largest campuses in Hyderabad. The availability of a large land bank surrounding the Hyderabad region gives immense scope for expansion and growth of the city”.

It is indeed very encouraging to see all real estate developers’ associations coming together and contributing to the growth of Telangana state, he said.

The state has been witnessing major developments and attracting international companies to invest in the region and the Government is backing and speeding up the process of every developmental project for the benefit of the region.

During the summit, the real estate associations while appreciating the efforts of the Government in taking steps to create an environment of growth, recommended a few measures and sought Government support for them to help boost the real estate sector.

The key discussion points revolved around concessions given to the growth corridor, building plan permission, occupancy certificate, uninterrupted power supply, reduction of a city-level impact fee for high-rise buildings, transferable development rights, and a strategic road development plan.

The associations emphasised on fast-track permissions such as TPASS for faster approvals and sanction of new projects, which would bring revenues to the State and also help the growth of the sector. The real estate industry is like the backbone for every State and a summit like this helps discuss and evaluate the growth prospects of the real estate industry in the Telangana region,” he added.

The associations thanked the government for the initiatives taken towards development of the real estate sector. There has been a growing positivity among the companies, general public and real estate associates and partners, they said.

Via: www.thehindubusinessline.com