No buyers for 15,000 new houses in city

It is estimated that about 15,000 new houses are lying vacant in Hyderabad as a majority of buyers are in a wait-and-watch mode ahead of RERA.

“I don’t see much impact on new launches in Hyderabad as it’s only 15,000 units as against 80,000 in Bengaluru. Considering the state’s economic growth and industrial activity, there will be more demand for residential and office space during RERA regime,” said Mr G.V. Rao of TDA.

Allaying apprehensions over delay in project launches and sluggish sales owing to delay in RERA, Mr C. Shekhar Reddy, Credai past president, said, “I don’t see any major impact on sales and project launches. I urge the state government to modify building application rules. Project approval from GHMC should automatically be routed to the RERA portal. As with T-Hub and start-ups, we would like encouragement for newcomers in the real estate sector too. Small and medium builders generally provide affordable houses.”

The Telangana government has been holding awareness programmes on RERA among stakeholders. Mr Rajeshwar Tiwari, special chief secretary, revenue department, who has been appointed RERA chairperson said, “The status of the projects can be viewed by both the project promoters and consumers. There will be transparency in the transactions. Plans and documents uploaded by the promoters can be viewed by the consumers.”