Hyderabad’s Real Estate Market is seeing Increased Registrations, unperturbed by HYDRA(Hyderabad Disaster Response and Asset Protection Agency) Demolition Initiatives.
The Registration and Stamps Department in Hyderabad has experienced an increase in registrations for residential and commercial properties in recent months, remaining untouched by the demolition initiative launched by the State government via HYDRA.
October Sees Surge in Property Registrations in Hyderabad’s Real Estate:
In October, Hyderabad’s real estate saw 87,785 applications submitted for residential property registrations.
While there were 794 applications submitted for commercial properties.
Despite initial fears, there were 3,754 new residential applications and 33 applications for commercial properties.
During the first two days of November, which indicates that there is still a significant amount of interest.
Defying Expectations: Real Estate Market Thrives
During the month of July, the number of residential and commercial registration applications reached 23,507 and 190, respectively.
This marked the beginning of the trend. In August, this number reached 41,704 residential registrations and 416 commercial registrations, indicating a significant increase.
This figure had increased to 80,091 for residential homes and 737 for commercial buildings by the time September rolled around.
Similar to the trend mentioned above in Hyderabad’s real estate, revenue generation has been strong.
An amount of ₹7,251 crore was recorded by the department by the end of September, which is equivalent to 39.78% of the total revenue that was planned for the fiscal year, which was 18,228 crore.
This is a 3% gain over the 7,006 crore that was recorded in the first half of the previous fiscal year, despite the fact that the start was marked by a slower pace.
Initially, there were worries that the demolition push would result in a big decrease in registrations.
Nevertheless, sources have revealed that the department is receiving a significant number of applications.
Buyers have been urged to speed up their deals as a result of the government’s attempts to direct buyers towards stable investment locations and the prospect of an imminent increase in land values.
A number of significant announcements are anticipated to be made in the near future, and officials are optimistic that the number of registrations will continue to increase over the next few months.