An independent real estate expert, Hyderabad has surpassed Mumbai Metropolitan Region as the second most expensive housing market after the increase in average prices

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In the fourth quarter of 2021, housing prices in Hyderabad increased by 7%. According to PropTiger, an independent real estate expert, Hyderabad has surpassed Mumbai Metropolitan Region as the second most expensive housing market after the increase in average prices. The jump in building material rates following the Covid-19 outbreak in early 2020, due to supply-side limitations, is mostly to blame for the increase in yearly pricing of new units. The average per square foot prices of home projects in Hyderabad is presently between Rs 5,900 and Rs 6,100, according to PropTiger. Hyderabad, along with Ahmedabad, experienced the most price increase in the fourth quarter of 2021, which coincides with India’s festive season. Housing demand in Telangana’s capital city remains strong, with property sales up 36% in 2021 compared to the same period in 2020. In 2021, a total of 22,239 residences were sold, compared to 16,400 in 2020. While Bachupally, Tellapur, and Miyapur were the most popular neighbourhoods among Hyderabad homebuyers in 2021, 3BHK homes remained the most popular configuration, accounting for 48 percent of purchases. As a result of improved consumer attitude, new supply in Hyderabad increased by two-fold from 22,940 units in 2020 to 48,566 units in 2021.

According to the research, the majority of new supply during the year was focused in the micro-markets of Puppalaguda, Miyapur, and Bachupally, with 36% of units introduced costing more than Rs 1 crore.
“The recent festive season in 2021 had a visible impact on both demand and supply, resulting in good adjustments for the Hyderabad home market.” This recovery in real estate may gather further momentum in 2022 as the economy calms in, providing buyers with greater job stability,” said Rajan Sood, PropTiger’s Business Head.

 

The new master plan for Hyderabad would cover 84 villages along GO 111
Following repeated setbacks in the integration of five master plans in order to construct a holistic master plan, the Telangana government has hired an international consultancy to create a new master plan for the Hyderabad Metropolitan Region (HMR). The new master plan would encompass 84 villages that were previously under GO 111, as well as the catchment areas of the Himayat Sagar and Osman Sagar reservoirs. KT Rama Rao, the minister of municipal administration, recently announced the creation of a new master plan for Hyderabad as well as 141 new municipalities. The master plan spans an area of around 7,200 square kilometres under the control of the Hyderabad Metropolitan Development Authority (HMDA).

“We are in informal contact with a few international and Indian corporations,” special chief secretary (municipal administration) Arvind Kumar told TOI. “A request for proposal (RFP) would be published based on the approved terms of reference for the master plan.” According to official sources, the new master plan will endure until 2041. The master plan will include all new projects, such as the existing regional ring road, the proposed regional ring road, metro rail, satellite townships, truck terminals, and other necessities. The government just repealed GO 111 and replaced it with GO 69. Officials stated that the government-appointed group will simply offer guidelines, and that the consultant will produce a master plan for specific zones to protect the lake from pollution.

The government will appoint a new consultant to draught the plan for GO 111 areas as well. The HMDA suggested combining five master plans covering the former Hyderabad Urban Development Authority, Cyberabad Development Authority, Hyderabad Airport Development Authority, Municipal Corporation of Hyderabad, and HMDA’s extended areas into an unified master plan and GIS data. The integration of the multiple master plans is required, according to HMDA officials, because different regions have varied zoning restrictions and land uses. The HMDA’s ability to award building and layout licences has been hampered by differences in the drawings.

Property taxes bring in Rs 708 crore to the city of Hyderabad
Greater Hyderabad Municipal Corporation (GHMC) property tax collection for FY 2022-23 is off to a flying start, with Rs 708 crore in income generated in the first month of the financial year thanks to the Early Bird initiative. This is a 23 percent increase over the amount received in 2020-21, when the scheme was first introduced, which was Rs 572.29 crore. On Saturday, there were long lineups at the GHMC counters as citizens rushed to take advantage of the plan before it expired on April 30. The Early Bird scheme offers property owners a 5% property tax refund in order to encourage early payments. According to official figures, 7.18 lakh persons have paid property taxes in all six zones. Serilingampally circle had the largest collection of Rs 87 crore, followed by Jubilee Hills with Rs 75 crore and Khairatabad with Rs 61 crore. The scheme began on April 1 and authorities believe that it will bring in an additional Rs 700 crore to the GHMC’s coffers this financial year.

Despite the fact that the service is offered online at https://onlinepayments.ghmc.gov.in, only Rs 325 crore has been collected. The rest of the people paid through citizen service centres, MeeSeva centres, and bill collectors. “This year’s Early Bird response shows that people are bouncing back, and more households can afford to pay property taxes in the first month of the fiscal year.” This will greatly boost the overall property tax collection for this fiscal year, according to a senior GHMC official. The GHMC fell short of its property tax collection target of Rs 1,852 crore in the fiscal year 2021-22, collecting only Rs 1,495 crore. Officials claim that the inability to meet the property tax objective is due to losses incurred as a result of the second and third waves of the Covid pandemic.

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