Tracking the socio-economic and commercial attributes of the Hyderabad’s real estate sector, one can observe that there is a focus on improving the infrastructure and measures taken are expected to bring in more transparency in the sector.
The announcement of the Layout Regularization Scheme (LSR) by the Telangana government comes with a promise to give strong impetus to the real estate sector. The scheme will regularize the open plots in unauthorized and illegal layouts in the 73 new municipalities. Experts at Modi builders, one of the top builders in Hyderabad, are of the view that this scheme will increase the potential of the real estate sector. It will take into account the plots which were registered before 30th March, 2018.
It had come into action from 15th October 2019 and applications will be processed on the online portal till the next three months. At the time of application submission, the applicants have to pay only 10% of the total amount or just Rs 10,000 (whichever is less). The layouts will be examined by various departments and will be finalized within 6 months.
Keeping in mind the continuing thrust of the government towards affordable housing, this step will boost the sector and ensure affordability for the consumers.
Hyderabad’s real estate market has stood like a rock even when the housing sector of other metro cities had been staggering. Such schemes will certainly enhance the realty market of the city. Projects like Pinewood homes, a residential open plot in Aushapur, equipped with luxurious amenities are an epitome of affordable luxury plot layout projects. The LRS scheme will definitely redefine affordable housing in Hyderabad, attracting more plot buyers towards the city.
Layout Regularization Scheme will benefit the owners of the unapproved layouts and due to the flexible cost of registration, regularization will favor the growth dynamics. With the new scheme, it will be easy to come forward for regularization, the process of getting building permissions and authorization for civic facilities will be easily manageable, experts at Modi Builders review.