What Is The Buzz In Hyderabad’s Property Market

According to a recent report, Hyderabad would be the third fastest growing city in Asia after Bengaluru and Ho Chi Minh City. The emergence of India’s pharmaceutical capital as a global hotspot is also the reason why investors are quite positive about this market. As a result of this, property values in the city have grown remarkably well in the past. So, what else is new in the city of Nizams?

Green Line gets green signal

Perhaps the most important infrastructural development that the city will see is the Hyderabad Metro’s Green Line-II corridor. After receiving a safety certificate, the 11-km stretch between Jubilee Bus Station and Mahatma Gandhi Bus Station could become operational soon. With this, the distance between JBS to MGBS will be covered in 16 minutes as against 45 minutes by road.

Office space take up is phenomenal

Hyderabad's office space absorption is among the highest in the country. While Bengaluru dominates the supply scene, Hyderabad’s contribution in the supply numbers is large, thanks to the IT offices that have set base here or have expanded. Industry insiders project a good future for offices in the city on the back of lower occupancy costs, a stable government and new businesses heading here.

Smart traffic management

Going the Bengaluru way, the Hyderabad Traffic Police have come up with a unique way to address traffic congestion. Traffic signals across the city will be rendered dynamic and will change with real-time traffic data procured from Google maps. The traffic police department is ready to experiment with technology post a two-month trial in Gachibowli. Data from Google Maps will be used to decide the timings of signals at important junctions. The department expects wait time to go down by 30 per cent and queue lengths to go down by half.

Telangana RERA

Over 6,000 projects have been given the green signal since 2017. However, the Telangana State Real Estate Regulatory Authority (TS RERA) is yet to get a permanent chairman. At a recent conference, authorities said that they were working towards ensuring transparency and introducing digital payments for registration of projects.

Vacant plots? Pay taxes

In 2017, the Greater Hyderabad Municipal Corporation (GHMC) sent notices to 60,000 plot owners in the area who have vacant plots registered in their names. The notice would demand a mandatory Vacant Land Tax (VLT) to the tune of 0.50 per cent of the property cost at the time of registration to be paid annually until the building is constructed in the area. This move was expected to add to the GHMC's revenue while limiting instances of vacant properties where the owners buy land but live elsewhere. Recently, the officials tightened the noose around those using these vacant plots as illegal dumping sites.