Telangana has taken a significant step to revive its real estate market by amending building rules in Hyderabad. The government announced that it will now allow developers to construct high-rise buildings without restrictions on floor area ratio (FAR).
This means that builders can now construct skyscrapers up to 100 meters high without worrying about the existing norms. The state government hopes that this move will attract more investments in the real estate sector and boost the city’s economy.
For years, the city’s real estate sector has been struggling due to strict building norms and high costs. The government believes that by relaxing these norms, builders will be able to construct more affordable and spacious apartments, making the city more attractive to homebuyers.
The new rules also aim to reduce the time taken to obtain building approvals, making it easier for developers to start construction projects.
A Boon for Homebuyers
The amended building rules are expected to benefit both developers and homebuyers. With more affordable and spacious apartments, homebuyers will have a wider range of options to choose from, and developers will be able to sell their properties at a better price.
The state government is also expected to benefit from the increased investments in the real estate sector. The move is expected to generate employment opportunities and boost the city’s economy.
The new rules are a significant step towards making Hyderabad a more attractive destination for real estate investments.