Tag: Property Rate

Telangana Budget 2023- A Boost to Real Estate Across the State!

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The Finance Minister of Telangana State, T Harish Rao, presented the annual budget for the fiscal year 2023-24 in the state assembly this month. The budget presented of INR 2 90,396 crore for the year consists of total revenue expenditure of INR 2 11,685 crore and a capital expenditure of INR 37,525 crore.

The budget focused on public welfare and infrastructure in the state. The Finance Minister introduced a robust budget with specific allocations to infrastructure development and has earmarked Rs 11,372 crore to the Municipal Administration & Urban Development (MA & UD) Department. A part of the budget is also allocated for the development of Infrastructure and Traffic Flow in Hyderabad.

Real estate experts anticipate that this emphasis on infrastructure development and public welfare will pave the way for the growth of the housing sector in tier-2 and tier-3 cities of the state.

The problem of traffic congestion is quite prevalent in the state. The state government has announced several SRDP Projects to address it, including developing flyovers, underpasses, foot-over bridges, and road-over bridges.

One of the major focus areas of the state budget was to curb unemployment in the state. It has proposed the development of various industries, including the food processing industry, and the development of IT Infrastructure in the state. It has also allocated INR 4,037 crore for the industries department, creating a conducive business environment to attract investments.

Infra development and employment generation increase the financial potential of the population. This additional capital may be invested by people in the housing sector and will directly impact the demand for real estate in the state.

Industry experts point out that Hyderabad has developed mainly because of its well-connected roads and infrastructure. With a boost in infrastructure, the state will witness the growth of tier-2 and tier-3 cities in the long run. The proposed industrial corridors in the state will all develop along the National Highways. This will further boost the development of residential clusters across the state.

The Finance Minister has also allocated INR 7,890 crore to construct double-bedroom houses for the poor. These homes will benefit over 2.5 lakh eligible persons in the state, thereby boosting the housing sector.

The state budget for 2023-24 and its allocations are a positive boost to the real estate and construction industry. No doubt, it will have a long-standing impact on the sector.

At TMR Group, we plot your future growth with our projects. Our open residential plots at TMR Green Meadows in Chegunta are close to the proposed Regional Ring Road and proposed airport and Nizamabad for enhanced connectivity in the future.

Developed in 50 acres gated community, these plots are equipped with the latest state-of-the-art amenities and facilities and make the ideal investment for a profitable future. Come, book a site visit, and witness your future flourish. Visit https://tmrinfra.com/ to know more.

References:

https://www.thehansindia.com/business/telangana-budget-to-push-realty-growth-across-state-782310

https://www.bizzbuzz.news/markets/telangana-budget-2023-to-push-realty-growth-across-state-1197618

PLOTS vs. FLATS What do consumers prefer?

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A property purchase is one of the most significant investments you make in your lifetime. It is a long-term financial commitment and considerably impacts your finances. Not forgetting that we are all at different stages of our investing journey. Some of us are first-time homeowners, some others are looking for a second home, and others an investment that helps earn additional income.

But whether you are a first-timer or a returning buyer, there’s one dilemma we all have- to buy a plot or a flat – which is the better investment?

Market studies point out that more than 50% of home buyers prefer new, ready-to-move houses in Hyderabad. However, there’s also an equal percentage of buyers who look for plots and other older properties.

A few critical factors need to be considered before you choose between the two – easy financing, high returns, tax benefits, etc. 

Let’s take a look at the Pros and cons of flats and plots based on a few pivotal parameters.

  1. Flexibility:

Plots offer a lot more flexibility when compared to flats. They allow you to build your dream house according to your preferences and taste. However, in the case of flats, you have no say in deciding the structure of the house.

  • Appreciation rate of property:

Returns on your investment are higher in the case of open plots. Plots appreciate faster than apartments. This is mainly because plots are less in supply in the market.

Flats are also prone to deteriorate over time, which in turn, is likely to result in a decrease in their values. Land is an appreciating asset; hence, you’ll always get a better plot return.

  • Financial assistance:

The Loan-to-Value (LTV), compared to flats, is less for plots in Indian cities. While the Loan-to-Value (LTV) is 80-85% for flats, for plots, only 80% Loan-to-Value (LTV) is allowed. In the case of resale land, this Loan-to-Value (LTV) is only 50%. Also, you can only get a loan for buying a residential plot if the local authority has approved the land.

Hence, arranging funds and capital for open plots is a bit more hassle. On the hand, financial assistance is easily available for purchasing flats, and smoother.

  • Delivery:

Unless you are buying a pre-owned flat, possession of an apartment may require months or even years. Plots are usually ready for possession. If you’re buying a plot in a township, you are likely to get possession of the plot earlier than a flat. This allows you to customise and build your home as and when you want.

To conclude, both plots and flats have their fair share of pros and cons. What to invest in depends on what fits your budget, your financial abilities and liabilities, and your family’s needs. If you are merely looking for an investment for your funds, a plot, however, sounds like a better deal. Investing in a plot in a location that has proposed development and will see appreciation in the future would be a good idea.

At TMR Group, our plots are located at the epicentres for development for thriving returns. TMR Green Meadows at Chegunta, just 30 min away from Medchal, is a plotted community spread over 50 acres for an investment that grows along with you. To know more, visit https://tmrinfra.com/