City Beat: Telangana Govt Puts Low-Cost Homes On Fast Track [Video]
Telangana Chief Minister K Chandrasekhar Rao has directed officials to speed up the work on completing 2-BHK units meant for providing housing to the poor in the state. The state government plans to build about three lakh homes to provide housing to the poor. The CM also wants to redevelop the slum area in Hyderabad. The state has announced several incentives for the developers who will be interested in the scheme.
Meanwhile, the Greater Hyderabad Municipal Corporation, which is facing a financial crunch, has decided to discontinue the waivers that it extends at present. It has also decided to re-evaluate properties to earn better revenues in tax collection. According to official data, the municipal body had a deficit of over Rs 571 crore in the 2015-16 financial year. Its total revenue stood at Rs 2,500 crore, while the expenditure was over Rs 3,072 crore. This was despite the fact that property sales in Hyderabad in recent times have been better than other major cities. According to a PropTiger DataLabs report, in the April-June quarter of 2016-17, the city witnessed the highest quarterly sales in eight quarters.
In another development, it was reported that vacancy levels in Grade-A office space in the city saw a decline last year, as several multinational companies bought commercial spaces in Hyderabad. Several domestic information technology and e-commerce companies have also been investing in Hyderabad real estate. Business activities in the city have seen a renewed push after the division of Andhra Pradesh, and a political stability returning to the city.