Contrary to the typical slowdown during election season, Hyderabad has experienced a significant increase in property registrations and building permissions over the past seven months. According to official data, the Hyderabad metropolitan area recorded a 12.5% rise in registrations between December 2023 and June 2024 compared to the same period from December 2022 to June 2023. Additionally, building permissions within the Greater Hyderabad Municipal Corporation (GHMC) increased by 13%, signaling a significant uptick in the real estate industry. Let’s have more look at GHMC real estate market increase in recent months
From 6,900 permissions between December 2022 and June 2023, the number rose to 7,809 during December 2023 to June 2024. A source from the Telangana Chief Minister’s Office (CMO) revealed, “In the last seven months, we saw 2.18 lakh registrations within HMDA limits, up from about 1.94 lakh during the same period the previous year. Building permissions also followed this upward trend, with 18,077 granted since December 7, when the Congress government took office in Telangana, compared to 17,911 in the same period last year.”
Growth of Real estate in past months
.Over the past seven months, property registrations in Hyderabad has recorded a total of 2,18,160 , a significant increase from the 1,93,962 registrations during the same period last year. This 12% growth reflects a remarkable surge in the city’s real estate activity, highlighting its resilience and expanding market potential despite the typical election season slowdown
Also read: Future of Real Estate in Hyderabad: Growth, Developments & Investment Areas
Open plot registrations also saw a marginal increase of 7% over the past seven months, rising from 50,535 in the previous year to 54,111. This growth occurred despite the Lok Sabha elections and the implementation of the model code of conduct. The state’s coffers benefited significantly from this surge, with the registrations department earning Rs 4,670 crore in revenue from HMDA and GHMC limits in the last seven months, an increase of Rs 241 crore from the previous period and Rs 270 crore more than the revenue earned between December 2022 and June 2023.
Officials are optimistic about the real estate market experiencing further growth, especially with the completion of major government projects like Metro Rail Phase 2, the expansion of Greater Hyderabad up to the Outer Ring Road (ORR), the Musi Riverfront Development, and the construction of two elevated skyways in the city. The state government is also focusing on strengthening the city’s infrastructure to support this growth.
Key Information Points
| Aspect | Details |
|---|---|
| Rise in Registrations | 12.5% increase (Dec 2023 – June 2024) |
| Building Permissions Increase | 13% increase |
| Total Registrations | 2,18,160 (last 7 months) |
| Previous Year Registrations | 1,93,962 (same period last year) |
| Revenue from Registrations | Rs 4,670 crore |
| Revenue Increase | Rs 241 crore more than previous period |
| Open Plot Registrations | 7% rise |
| Government Projects | Metro Rail Phase 2, ORR expansion, Musi Riverfront Development, elevated skyways |
| Focus Areas | AI skill development, Digital University |
Also read: Residential and Commercial Real Estate: Types, Benefits and Investment
Latest News 2024
- Hyderabad’s property market shows resilience despite political changes.
- Significant rise in GHMC real estate activity amidst the election season.
- Government projects poised to boost the real estate market further.
Frequently Asked Questions:
The surge is attributed to increased activity facilitated by government initiatives and infrastructure projects like Metro Rail Phase 2 and Musi Riverfront Development.
GHMC has played a pivotal role by streamlining processes and supporting the expansion of urban development in Hyderabad.
Registrations have increased by 12% from the same period last year, reflecting robust growth in Hyderabad’s real estate market.
With ongoing and planned infrastructure projects, Hyderabad’s real estate market is poised for sustained growth and investment opportunities in the coming years.
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