Hyderabad poised for real estate boom: Uttam Kumar Reddy

• Minister Uttam addresses CREDAI conference at HICC

Hyderabad, August 20 (Maxim News): Civil Supplies and Irrigation Minister Capt N Uttam Kumar Reddy predicted a significant boom in Hyderabad’s real estate and construction industry, driven by a series of innovative and ambitious projects announced by Chief Minister A Revanth Reddy, Deputy Chief Minister Bhatti Vikramarka, and IT & Industries Minister D Sridhar Babu.

Speaking at the state conference of Confederation of Real Estate Developers’ Associations of India (CREDAI) Telangana at the Hyderabad International Convention Centre (HICC) on Tuesday, which had the theme ‘Telangana Going Global,’ Uttam Kumar Reddy expressed his confidence that Hyderabad was on the verge of witnessing a major real estate boom. He noted the palpable sense of excitement surrounding the city’s imminent growth.

Uttam Kumar Reddy credited the earlier Congress government for laying the groundwork with world-class infrastructure projects such as the Rajiv Gandhi International Airport, the 162-km-long Nehru Outer Ring Road, PVNR Expressway, Hyderabad Metro Rail, and the supply of drinking water from the Krishna and Godavari rivers.

Hyderabad poised for real estate boom

He highlighted that the present Congress government, under CM Revanth Reddy, had announced several landmark development projects for Hyderabad, including the Future City at Mucherla, the Skill Development University, the expansion of the Metro Rail, and the proposed Musi Riverfront Development project. These projects, he said, had created an atmosphere conducive to growth, not only in Hyderabad but also in tier-2 and tier-3 cities across Telangana, which were likely to see substantial development.

Uttam Kumar Reddy emphasized that with the efforts of Chief Minister Revanth Reddy and Industries Minister Sridhar Babu, there was likely to be a surge in investment in the IT, software, and manufacturing sectors across Telangana. “Hyderabad’s real estate is set to boom,” he asserted.

He also praised Roads and Buildings Minister Komatireddy Venkatreddy for playing an important role in bringing the prestigious Regional Ring Road to Telangana and lauded the participation of CREDAI members from across Telangana at the conference.

Uttam Kumar Reddy assured the CREDAI members that the Congress government was committed to taking Telangana to the next level. “In all your business and building activities, our government is with you,” he said. He emphasized the importance of rapid urbanization in Telangana, which had reached nearly 45%, and highlighted the crucial role of the real estate and construction industry in the state’s development.

“The 29th and youngest state in India is scripting a new growth story. While the growth focus may currently be on Hyderabad, the entire state of Telangana has immense potential for high growth,” Uttam Kumar Reddy said. Drawing on his extensive political career, he reassured industry leaders of the government’s support, stating, “Your growth, your business activity, your construction and real estate activity – we are with you.”

Hyderabad and Telangana will gain global recognition

Uttam Kumar Reddy also spoke about his diverse experience, from serving as a fighter pilot in the Indian Air Force to working at Rashtrapati Bhavan, and expressed his confidence in Telangana’s global trajectory. “Hyderabad and Telangana will gain global recognition, with an unmatched growth rate,” he said, adding that the government was planning several innovative steps to further elevate Hyderabad’s status on the global map.

He assured the attendees that the government was accessible and democratic, and would work as a team to remove all hurdles and obstacles to growth. Addressing concerns raised by the industry, Uttam Kumar Reddy said that issues related to the growth corridor, building coverage restrictions in peri-urban zones, farm layouts, and zoning regulations across the state, including GHMC, were justified and would be taken up at the appropriate level.

Uttam Kumar Reddy pointed out that within eight months, Telangana had witnessed significant changes under Congress governance. He acknowledged that unemployment and underemployment remained challenges, but assured that the Skill Development University would address these issues by providing the industry with skilled youth.

CREDAI’s support

He also noted CREDAI’s support for the government’s initiative to increase the book value of land and promised to study issues like reducing stamp duty and revising the master plan. Uttam Kumar Reddy urged industry leaders to submit written representations so that these matters could be addressed effectively.

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“Whatever is required for a booming economy, for a thriving construction and real estate industry, our government will do it,” Uttam Kumar Reddy declared. He highlighted Telangana’s favorable climate, cosmopolitan culture, and large youth population, and assured that the government would provide a perfect law and order situation, transparent governance, and world-class infrastructure to support business growth. “Hyderabad will become a global destination for investment,” he said.

Bhongir MLA Anil, IGBC National Vice Chairman C. Sekhar Reddy, and other dignitaries were present at the event. (Maxim News)

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