The Andhra Pradesh Government will take all steps to ensure that Hyderabad’s real estate industry bounces back to normalcy soon, said Chief Minister N Kiran Kumar Reddy during his inaugural address at the ‘Vibrant Cities for a Vibrant Economy’ summit, held at Hitex centre on Saturday, September 15.
Stressing on the importance of the sector, which is one of the highest revenue grosser for the state, the Chief Minister assured that the recent turbulence, which had hit Hyderabad’s realty growth, would be addressed at the earliest. The event was organised by the Andhra Pradesh Real Estate Developers Association (APREDA) along with Foundation for Futuristic Cities.
“We are aware that a lot of nets (protective covers on buildings with a glass facade put up in view of the ‘T’ agitation) have come up in the city of late. We assure you that they will soon be gone,” Reddy said, trying to boost the confidence of the construction sector that, the Chief Minister pointed out, also generated maximum employment in Andhra Pradesh.
He even quelled concerns of developers with regard to GO 45 (that directs all builders to reserve 20% of developed land for economically backward classes) and said that his government was in the process of reconsidering the order to make it more amicable for the industry. “We expect a report on the GO from the appointed committee in the next 15 days. We will ensure that the order is designed in a fashion so as to help the realty sector do well.”
The CM further spoke about the Government’s efforts to construct the Outer Ring Road (ORR) and bring to the city the metro rail and said that the two developments would greatly benefit local construction firms as they would add to Hyderabad’s infrastructure.
“The Hyderabad Metro Rail project is faced with some teething problems at present. But we have full faith in the company (L&T) and I am sure it will start work on the project soon,” Reddy claimed adding, “We have also set aside a budget of Rs 1,000 crore for the beautification of the city, which will be implemented once the rains recede.”
Speaking about affordable housing, Reddy said that it was important to provide homes to people from all sections of society and even appealed to buyers to invest in Hyderabad’s property, the ‘T’ stir notwithstanding. “This is the best time to buy property in the city as rates have dropped significantly,” he said.
Earlier, the Chief Minister inaugurated the APREDA’s two-day property show 2011 being held at the Hitex Exhibition centre that saw close to 190 realty firms from within and outside the city participate in it.
Representing the national body of the APREDA, NAREDCO Sr Vice President, Sunil Dahiya said Hyderabad has the same DNA like two other prominent cities of Pune and Gurgaon. “These cities have the same migrant population, same IT incumbency as the life line and same overall profile. Together the three cities can emerge as a case study in the emergence of Smart Cities in India to be showcased as the role model, he said.”
