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TS govt redesigns ITIR to dot ORR (The New Areas for IT Companies in Hyderabad)

The Telangana government has changed its plans of setting up of Information Technology and Investment Regions (ITIR) at four locations in the city. Now it proposes to have ITIR project along the Outer Ring Road where the government is already underway to create Transit Oriental Growth Corridors (TOGC).

This decision was taken as the Centre had refused to sanction funds for the much-hyped ITIR project conceived during the previous Congress government in the united Andhra Pradesh. Following this, the Telangana government has taken up fresh exercise to redesign the one of the prestigious ITIR projects in the country coming up in Greater Hyderabad limits.

The ITIR project was approved for Hyderabad by the then Congress-led UPA government in November 2013 in an area of 202 sq km. It was proposed to develop IT Iand ITES projects in five zones across the city.

The project comprising Cyberabad Development Authority, including Gachibowli and Madhapur which have emerged as IT hubs and Hyderabad Airport Development Authority (HADA), including Mamidipalli, Raviryal, Adibatla and Maheswaram, Uppal and Pocharam.

The officials said that the present Union government was not happy with the earlier plan meant for the development of the ITIR. The Centre raised several doubts on land zoning, including availability of land and creation of infrastructure in the region. “The Centre is of the view that the ITIR region should be a destination for global investments in future.

The existing plan was not up to the expectations from the companies interested in setting up IT and IT-enabled service centres,” sources said the requirement of land for the ITIR is 50,000 acres but, the availability of land was only 41,000 acres.

The state government estimated that Rs 15,000 crore will be required for development of roads, sewerage, water supply, solid waste and electricity in the regions, the officials said the Centre was not ready to provide required funds. The state government was not in a position to bear the financial burden for the development of infrastructure

An official of Municipal Administration and Urban Development (MA&UD) department told The Hans India that in the present circumstances, the only option before the government to make the ITIR a reality is to redesign the entire project. Under the new plan, project will come up all along the Outer Ring Road where the government is already underway to create Transit Oriental Growth Corridors (TOGC).

The MA&UD department identified 13 centres which include IT hardware, knowledge hub, logistic hub, medical hub and aerospace IT hardware centre under the TOGC. Specific locations for each parks have been identified and the ITIR will also be included in the growth corridor. This will help the government to create required land bank for the ITIR and also help reduce the cost for the infrastructure development in the growth corridor.

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Hyderabad residential launches up 30% since 2014, says JL

In a positive development for Hyderabad real estate, which has been facing sluggishness for the past several years, the residential launches in the city have increased by 30% year-on-year since the past three years mainly driven by improving infrastructure in the city.

According to property consultant JLLBSE 3.13 %, capital values of residential properties increased by 8-10% y-o-y in the last three years with revived demand and Hyderabad saw a 6-10% increase in residential sa ..

Sandip Patnaik, managing director, JLL, Hyderabad, said, “Policy support along with infrastructural developments like the Hyderabad Metro Rail, strategic road development and elevated corridors etc., increased the residential launches by 30% y-o-y since 2014”. He was speaking on the sidelines of Telangana Real Estate Developers Association (TREDA) and JLL’s report on Telangana Real Estate -“The new face of India’s growth Story” on Tuesday.

The report says that despite demonetisation,

the Goods and Services tax (GST) and Real Estate Regulation Act (RERA) acted as a brake on the sale of residential units across the country, Hyderabad saw an increase in launches.

Real estate and construction sector together contributes 13% of Telangana’s GSDP. Over the last three years, the real estate sector especially percentage of growth in residential, commercial, retail and office space were significant. Office space absorption set new records and was at 6.5 million sq ft in 2016. ..

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Hyderabad’s office stock doubles to 56 million sft in the past decade: CBRE

Hyderabad’s office stock has doubled to 56 million square feet in the past decade backed by strong fundamentals of a proactive government, well planned infrastructure, and talent availability, making it one of the fastest growing office markets in the country, says global property consultant CBRE.

In its report titled ‘The Comeback of Hyderabad – India’s Original IT Hub Rises Again’, CBRE said the city’s office space absorption reached an all-time high of more than 6.8 million sft in 20 ..

Anshuman Magazine, chairman, India and South East Asia, CBRE, said, “Hyderabad’s buoyant economy and resilient growth have propelled the city to become a leading realty hotspot in India. Being the second largest urban agglomeration, Hyderabad large talent pool are driving the city’s robust infrastructure to become the technology hub of our nation. There has been resurgent investment activity attracting funds from both domestic and multinational corporates putting the city well ahead of the curve ..

Ashish Kulshrestha ET NOW
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We’re ready for the TRID rules!

At 5 p.m. EST June 17, the Consumer Financial Protection Bureau issued a statement that the effective date for the TILA-RESPA Integrated Disclosure (TRID) rules would be pushed back to Oct. 1, 2015.

CFPB Director Richard Cordray said in a prepared statement: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until Oct. 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”

Rainier Title has been working towards the TRID implementation for over a year and felt prepared for August 1st. However, with the proposed delay we will be taking this opportunity to continue our education and training of TRID. While we believe that we have been proactive and ready for this change, there are still so many unknowns that will have to be addressed at the time of implementation. The industry should still prepare for 45-60 days for transaction to close due to the new timing parameters of the forms.

We’re working hard to be ready for all changes!


Real Estate Roundup

Active Home-Building Industry Will Lead to More Demand for Warehouse Space

Strong consumer spending and the rise in housing construction activity are currently the prime factors for the incredible rebound of the Telangana. industrial real estate sector, and experts say as home buying continues to increase, so will demand for warehouse space.

To Buy or Not to Buy: That Is the Developer’s Question

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