Credai urges TG govt for short-term sops

Hyderabad: The total value of homes sold in Hyderabad has dropped annually by nine per cent to Rs30,924 crore and total units of residential properties sold has declined by 22 per cent to 16,644 units in the fourth quarter of calendar year 2024. For the real estate sector to recover from the impact of HYDRAA, Credai Hyderabad has urged the State government to consider short-term incentives for the builders and home buyers.

The Hyderabad Chapter of Confederation of Real Estate Developers Association of India(Credai) in collaboration with CRE Matrix, a real estate data analysis platform, released the Hyderabad Housing and Office Market Report Q4 CY24, here on Tuesday.

“Currently the permission fee, depending upon the area of the project, ranges from Rs 150 – 200 per sft. We have asked for payments in eight installments over a period of eight years. This request has been made for the new projects that are being launched in one year. This will encourage more builders to come out and launch more projects,” V Rajashekar Reddy, president, Credai Hyderabad told Bizz Buzz.

According to him,this relaxation in paying registration fee of a project in installments will lead toadequate cash flow in the hands of property developers. “When there is cash flow, bankers will come forward to support, there will also be increase in sales and timely payment of the permission fee,”he added.

Saying that developers are now paying the impact fee in installments, they have urged the government to include the permission fee too.