Despite the pandemic, the real estate industry in Hyderabad recorded brisk business in April and May, with at least 40 major residential projects of multi-story buildings having applied for permissions.
Environmental clearances have been sought from State Level Environment Impact Assessment Authority by the builders. The total cost of the projects for residential, commercial buildings and a few pharma industries in two months is Rs 10,976 crore. These are excluding the A category projects that went to the Ministry of Environment and Forests for environmental clearance.
Most of them are high rise buildings and towers with a budget ranging from Rs 50 crore to Rs 500 crore. In April and May alone, around eight meetings of the State Expert Appraisal Committee were held on clearing the projects.
TREDA executive president Meka Vijaya Sai said, “There was no negative impact on real estate in Hyderabad in April and May. But we have to wait and see the reaction of buyers at the end of the second wave. Those buildings with above 20,000 square metres have to go for EC from State Level Environment Impact Assessment Authority. Due to work from home situation, people are looking for quality accommodation. Due to online classes and conferences for working couples, they need three- or four-bedroom apartments.”
He added, “The builders are applying for permissions to start constructions in the presale projects where floor space index has been sold. IT and pharma industry are doing well.”