Despite the pandemic, Hyderabad real estate sector has recorded a strong response from buyers in April and May, with approvals being sought from at least 40 large multi-story residential projects.
Environmental Clearance for Residential Projects
The State Level Environment Impact Assessment Authority is responsible for granting Environmental Clearances (EC) to builders. In the last two months, the total cost of the residential, commercial, and several pharmaceutical projects has been estimated to be about Rs 10,976 crores. These exclude projects of the A category that have already been granted environmental clearance by the Ministry of Environment and Forests.
The major portion of the buildings and towers budget ranges between Rs 50 crores to Rs 500 crores. The State Expert Appraisal Committee had approximately eight meetings to clear projects in April and May alone.
“The pandemic did not have a negative impact on a real estate property in Hyderabad in April and May”, said Executive President of TREDA Meka Vijaya Sai. “But at the end of the second wave, we must wait and see the buyer's reaction. The EC State Environment Assessment Authority shall provide clearances to buildings of more than 20,000 square meters. People are looking for good accommodation because of the work from the home situation. They need three- or four-bedroom apartments thanks to online classes and conferences for working couples,” Vijaya Sai added.
By: Shailaja K