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New Telangana government promises support to real estate sector

Add comment   |   June 2, 2014    08:24pm   |Contributed by Indian Realty News

At the stroke of midnight on June 2, 2014, India’s youngest state Telangana was born. The Telangana Rashtra Samithi (TRS), which spearheaded the movement for a separate state formed the first government in Telangana and has painted Hyderabad pink – the colour of its flag.

Telangana will comprise of 10 districts with Hyderabad as the common capital for the next 10 years.

For some time now the real estate scenario in Telangana saw a decline after the bifurcation of Andhra Pradesh state and the subsequent instability. However with the formal creation of the new state, this situation is expected to change soon. The TRS has embarked on a special confidence building exercise with the various representatives of industries, promising a friendly, growth focused government with a congenial environment for rapid development.

The TRS leader K.T. Rama Rao also attended a meeting by the recently formed Telangana Builders Federation where the builders sought a congenial environment for the building industry besides availability of raw materials and hassle free clearances among others.

At this meeting Mr. Rama Rao personally assured property developers that the Telangana government will bring back the old status of Hyderabad real estate, further stressing that his government will strive to assist the builders in every way possible. Assuring all support to the real estate industry, Mr. Rao further added that this fraternity would be involved in the process of decision making pertaining to the sector.

According to a recent newspaper, party chief and chief minister K. Chandrasekhar Rao appeared positive about the real estate scenario in the newly formed state. He predicted that the city’s realty was poised for positive growth. According to him, the right time to buy property is within the next three months or so, before the prices start to move upwards.

Industry insiders believe that this recent meeting between the TRS leader and the Telangana Builders Federation will help increase optimism about the real estate sector in Telangana.

Mr. C. Prabhakara Rao, President, Telangana Builders Federation believes that once the new government settles within six months, the positive momentum will start building up. For investors and buyers looking to purchase property in the newly formed state – the time is ripe with ample opportunities. While realtors expect a boom in Seemandhra, once the capital city is decided, prices in Guntur and Vijayawada will also see an increase.

With increased political stability in the newly formed state, construction activity that had taken a hit is set to pick up and witness steady, healthy growth over the next one year.

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