Telangana plans new act to control realty graft

Hyderabad: Chief Minister K. Chandrasekhar Rao on Saturday stressed the need to bring a new law to check corruption and ensure transparency while giving approvals for real estate projects.

He said the new legislation should ensure “business at ease” in the sector on the lines of TS-iPASS, the single window online approval mechanism for industry.

Mr Rao was speaking at a meeting with representatives of the real estate sector on Saturday to devise a roadmap for the development of real estate sector.

Representatives from the Confederation of Real Estate Developers Association of India and local builders attended the meeting.

Credai former chairman C. Shekar Reddy, Telangana wing president G. Rami Reddy, GHMC wing president S. Rami Reddy were present.

Mr Rao asked real estate developers to form a consortium to build a new city on 4,000 acres in the areas abetting the Outer Ring Road to decongest Hyderabad

He asked developers to take up construction of skyscrapers to reflect the economic growth of the city and offered all possible support.

Builders complained about regulations and approvals such as impact fee, that were coming in the way of constructing high-rise buildings.

"The meeting was very encouraging. The CM offered several sops and concessions to give a fillip to real estate sector in the state and especially in the GHMC limits. He promised to bring a new legislation soon for the purpose,” Mr Shekar Reddy said.