While appreciating the reforms by the Telangana government like Dharani portal and the Telangana State Building Permission Approval and Self Certification System (TS-bPASS), the Telangana Real Estate Developers’ Association (TREDA) has requested the government to check the prices of cement and steel that have gone up quite drastically.
At a virtual press conference, TREDA president R. Chalapathi Rao, secretary general B. Sunil Chandra Reddy, executive vice-president Vijaya Sai and treasurer K. Sreedhar Reddy said that steel prices have increased by nearly ₹5,000 per tonne. The government has intervened earlier but that didn’t help much and if the real estate sector has to continue its growth, cement and steel prices have to be checked. And this will be in the interests of the State’s growth as well.
Mr. Chalapathi Rao said that Telangana has not benefited much from the Special Window for Affordable and Mid Income Housing (SWAMIH) scheme announced by the Central government. That scheme suited only New Delhi and Mumbai and the government should ensure all the cities in the country take benefit of such schemes. He also wanted concessions in GST for housing sector.
Mr. Sunil Chandra Reddy said that TS-bPASS will indirectly check the rising costs of construction as the clearances are done expeditiously now and the capital is not blocked for over a year. The new scheme ensures that building permissions are cleared within 21 days and builders no longer have to wait for over a year leading to rising interest on their capital. “If the investment comes down obviously that is passed onto customers,” he said.
He stated that rising adoption of ‘Work from Home’ concept will only increase the desire for quality residential accommodation and may reflect in people seeking homes better suited for working from home.
The TREDA team expects the Hyderabad real estate sector to bounce back and the new initiatives of the government will spur the growth. “They will not only streamline the system but also set a progressive track,” they argued.