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Single-window nod for realty projects in Telangana soon

CM announces sops at CREDAI Hyderabad Property Show

HYDERABAD: Telangana will soon have a single-window clearance system for real estate projects. This was stated by state Chief Minister K Chandra shekhar Rao at the inauguration ceremony of CREDAI Hyderabad Property Show here on Saturday.

Rao said he was pained to hear that the sector, which employs 20 lakh people, requires almost 40 NOCs to undertake any project. ”I assure my friends in the real estate industry that we will discuss and remove the unnecessary NOCs”, he said and added the development in this region was not done properly with a futuristic view. Hyderabad will be developing rapidly in the next few months, he said.

The Chief Minister said Hyderabad had the best cosmopolitan yet warm and welcoming culture, moderate climate and it lies in a non-seismic zone making it an ideal destination to settle down. To improve the city further, he said, the state will allocate Rs.24,000cr for three GHMC projects. In the first phase, Rs.10000 cr will be allocated towards development of new international standard roads.

The Chief Minister also said, “The Government will give full support for the development of the real estate sector and promote the real estate sector in Telangana state. He said there will be no VAT on real estate units as the tax is collected on all the inputs used for construction.

Prominent among others present at the inaugural function were state Deputy CM Md. Mohamood Ali, Home Minister Nayani Narshimha Reddy, CREDAI senior leadership team comprising C. Shekar Reddy- President, CREDAI National, N. Jaiveer Reddy-President, CREDAI Hyderabad, S. Ram Reddy, General Secretary CREDAI Hyderabad and a large number of developers, stakeholders and industry members.

Speaking on the occasion CREDAI National President Reddy said, the Government of Telanganahad been emphasising on the need for development. “The pro-industry and city development policies announced by the Government so far will further enhance the image of ‘Brand Hyderabad’”, he said.

The two day Property Show had the participation from over 150 developers and financial institutions, building material manufactures, suppliers and other stakeholders.