Hyderabad: 26th July, 2024: CREDAI Hyderabad the apex body of private real estate developers in India, extends its commendations to Honourable Chief Minister Sri A. Revanth Reddy and Deputy Chief Minister and Finance Minister Sri Bhatti Vikramarka Mallu for the forward-looking budget for the fiscal year 2024-25. This budget, unveiled today, is poised to drive economic growth and infrastructure development, elevating Hyderabad’s status and invigorating the real estate sector.
Mr. V. Rajashekhar Reddy, President of CREDAI Hyderabad, expressed his appreciation, stating, “The substantial budgetary allocations for critical infrastructure projects underscore the Chief Minister’s and Deputy Chief Minister’s dedication to transforming Hyderabad into a progressive urban hub. The ₹1,525 crores allocated for the Regional Ring Road will enhance connectivity, alleviate traffic congestion, and unlock new development opportunities. The ₹1,500 crores dedicated to the Musi River Cleaning project and the Musi corridor’s development highlight a strong commitment to environmental sustainability, tourism, and job creation. Additionally, the ₹3,385 crores earmarked for Metro Water Works will ensure a sustainable water supply crucial for the city’s growing population. The focus on skill development through the ‘Telangana Skill University’ will prepare the youth for emerging employment opportunities. We also commend the State Government for its continuous efforts to promote ‘Brand Hyderabad’ and attract fresh investments, further strengthening the Real Estate Sector.”
Mr. Jagannath Rao, Secretary of CREDAI Hyderabad, added, “The recent budget represents a transformative phase for Hyderabad’s infrastructure and real estate. The allocation of ₹500 crores each for the Hyderabad Metro Rail Project extension and the Old City Metro will significantly improve public transportation and intra-city connectivity, supporting the organized real estate sector. The ₹50 crore investment in the Multi-Modal Transport System (MMTS) will enhance commuting options and strengthen connectivity. The government’s initiative to secure land transfer for road widening and elevated corridors in the cantonment area will boost connectivity and facilitate development in the city’s eastern and northern parts. Furthermore, the ₹5,790 crore budget for Roads and Buildings will foster growth. These strategic investments reflect the government’s commitment to evolving Hyderabad into a leading sustainable urban centre. We are confident these initiatives will enhance the city’s infrastructure and invigorate the real estate sector, driving substantial growth and development.”
Mr. Rao concluded, “CREDAI Hyderabad remains committed to collaborating with the government and stakeholders to ensure the successful execution of these projects. The state’s push for sustainable transport, evidenced by the addition of 100 EV charging stations and the introduction of the TGEV mobile app, is commendable. The association looks forward to contributing to Hyderabad’s ongoing growth and prosperity through dedicated support for sustainable urban development and real estate excellence.”