The GHMC Commissioner and Special Officer, C.V.S.K. Sarma, announced on Wednesday that Rs. 120 crore has been sanctioned for construction of weaker section housing colonies under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) for the year 2007-08. This is good news for the real estate developers in Hyderabad. A total of 4,550 houses are to be constructed in 28 colonies with each house estimated to cost Rs. 2.32 lakh.
On some land given away by the AP Housing Board, real estate developers of Hyderabad have spent about Rs 350 crore as development fee or revenue shares to the government when the project is under the joint venture mode. The projects include commercial complexes, residential gated communities and Special Economic Zones. The catch is that any amendment to this Act, which is included in the ninth schedule of the Constitution of India, requires Presidential assent.
Nevertheless, Hyderabad Real Estate is going on the upward swing. The government and public are joining hands to make progress. Hyderabad property prices also get influenced by this news. As better infrastructure and connectivity are the main parameters on which capital and rental value of the property depends thus Hyderabad property is currently undergoing a go ahead in the real estate development scenario.
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