The Hyderabad Budget for 2020-21 held much significance by the current state of affairs in the country’s economy. The budget was presented by Telangana’s finance Minister T Harish Rao where he laid special emphasis on several sectors. He allocated 10,000 crores for Musi cleaning and other big projects. He also focused on affordable housing and announced that around 1 lakh people would get 2BHK/3BHK affordable houses in the upcoming year.
Minister assured to improve the existing infrastructure and begin the work of metro rail phase II. Top builders in Hyderabad have shown appreciation towards the state’s budget. Experts at Modi Builders review how many real estate firms are now focused on affordability, and with the introduction of this new budget, it has given the affordable housing a boost. Pre-existing projects like Elegance, among others, are considered to be a good example considering the budget guidelines.
Additionally, the budget announced for Metro Rail Development will enhance the capacity of rail line across the cities, which will, in turn, affect the property rates. The real estate sector had anticipated major measures to be announced in the Union Budget and awaited the State budget’s announcements expectantly.
However, India is facing a complete lockdown due to the COVID-19 outbreak. Over 1 million cases and 50 thousand deaths are reported globally. It has affected the real estate sector, and all the projects are at a standstill. However, people are utilizing this time and searching for housing schemes in the city. Experts at Modi builders witnessed increased traffic on various property websites like 99acres.com, housing.com, etc. Recently, it was noticed that Hyderabad is the only Indian city to maintain strong growth momentum in terms of the area sold. Now, with the state’s budget, the realty segment is expected to get a surge in the upcoming time.