Hyderabad: Builder Fined Rs 19.80 Lakh by TSRERA for Collecting Money Before Registration
The Telangana State Real Estate Regulatory Authority (TSRERA) has fined TMR Infra Tech Rs 19.80 lakh for taking advance payments from buyers before registering their project, TMR Marvel Villas, with the authority.
Buyers of the villas in Macha Bollaram, near Alwal, complained that the builder failed to provide basic amenities and delayed the project. TSRERA ordered the builder to complete the pending work, including installing street lights, building a compound wall, and setting up a sewage treatment plant. The builder must also ensure proper water supply and drainage.
The authority has directed the company to finish all work before the project’s RERA registration expires in March 2025. The builder promised to complete the work by March 25, and TSRERA warned that failing to do so would lead to further action.
The fine was imposed because the builder collected payments from buyers between February and March 2018, while the necessary RERA registration was obtained only in October 2019. This was a violation of Section 3 of the Real Estate (Regulation and Development) Act.
The order was issued by TSRERA chairperson Dr. N. Satyanarayana and members K. Srinivasa Rao and Laxmi Narayana Jannu.
Hyderabad’s Residential Real Estate Market Witnesses Robust Growth in October 2023
The Hyderabad residential real estate market exhibited a remarkable surge in growth during October 2023, with a 25% year-on-year (YoY) increase in property registrations. This upward trend is indicative of a growing appetite for residential properties in Hyderabad, driven by a combination of factors such as improved infrastructure, economic growth, and a burgeoning IT industry.
Key Highlights of October 2023 Residential Property Registrations
Total property registrations: 5,787
YoY increase: 25%
The total value of properties registered: Rs. 3,170 crore
YoY increase: 41%
Price Segmentation and Size Preferences
The price range of Rs. 25 lakh to Rs. 50 lakh accounted for the highest proportion of property registrations, capturing 50% of the market share. This indicates a continued demand for affordable housing options in Hyderabad. However, there was also a notable increase in demand for higher-value properties, with properties priced above Rs. 1 crore witnessing a 2% rise in registrations compared to October 2022.
In terms of size preferences, properties in the 1,000-2,000 sq ft range dominated the market, accounting for 69% of registrations. While there was a slight moderation in demand for smaller homes (500-1,000 sq ft), properties larger than 2,000 sq ft saw an increase in demand.
District-Level Analysis
Medchal-Malkajgiri maintained its position as the leading district for home sales registrations, accounting for 43% of the total. Rangareddy district followed closely with 42% of sales registrations, while Hyderabad district accounted for 14%.
Price Trends
The weighted average prices of transacted residential properties witnessed a YoY increase of 6.8% in October 2023. Among the districts, Hyderabad, Medchal-Malkajgiri, and Rangareddy all experienced a 6% increase in property prices respectively.
Factors Driving Growth
The robust growth of Hyderabad’s residential real estate market can be attributed to several factors:
Improved infrastructure: The development of new roads, metro rail, and other infrastructure projects has enhanced connectivity and accessibility within the city, making it more attractive for potential homeowners.
Economic growth:Hyderabad’s strong economic growth, driven by the IT and ITeS sectors, has created employment opportunities and boosted the purchasing power of residents.
Burgeoning IT industry: The presence of numerous IT and ITeS companies in Hyderabad has attracted a large workforce, fueling demand for residential properties.
