Hyderabad is seeing a boom in its real estate market and there is frenetic construction going on across the city. The GHMC (Greater Hyderabad Municipal Corporation), HMDA (Hyderabad Metropolitan Development Authority) has now issued a guideline for homebuyers to consider before buying property in Hyderabad. Building permissions that are being issued by the GHMC have gone up considerably in comparison to the number of permissions granted in the 2016-17 period. 8, 704 building permits were given by the GHMC Town Planning division in 2017-18.
The HMDA has also earned revenues of Rs. 351 crore on account of huge responses from bidders for open plot auctioning in various areas of the city and its outskirts. These indicate the positive market sentiments in Hyderabad although buyers have to be careful whenever they are choosing any property. Buyers should always identify layouts which are already approved. Most people go for layouts which can be unauthorized which is always a risky bet.
Layouts which are approved will always come with a specific approval number and this will always be mentioned in the brochure for the property in question. The details of the layout and its overall authenticity can be scrutinized in the GHMC Town Planning Section. With regard to individual homes and residential apartments, there is a building sanction plan issued by the GHMC and this allows real estate developers to finish its construction within a particular time period. 1/2 apartments in the building are required to be mortgaged to the GHMC by the real estate developer and will be released once the occupancy certificate has been obtained.
Once construction has been executed and there is approval from architects and verification done by the officials in the Town Planning division, there is issuance of the Occupancy Certificate for the building in question. Post this, the power and water supply for the building is sanctioned. Developers often claim approval from Gram Panchayats in areas which are on the outskirts of Hyderabad. Panchayat approved layouts are only given for G+1 or G+2 buildings in a particular zone. Buyers should always cross check before choosing any property and signing on the dotted line. The GHMC and HMDA sites have all the necessary information required for buyers to verify the necessary facts. Buyers should always do their homework as per the advisory issued by these authorities and then go ahead with buying their preferred properties.
