According to statistics received by Moneycontrol, the number of high-rise real estate launches in the city has decreased by over half compared to the pre-pandemic levels, despite hyderabad having an unconstrained Floor Space Index (FSI), the only city in india that does not regulate FSI. According to experts, this could be because of a variety of factors, such as a change in homebuyers' tastes in real estate and increased construction prices in the city.

The permitted construction density on a plot of land, or how much a developer can build on a piece of land, is determined by the FSI parameter in urban planning. Out of 138 projects that were launched in the city in H1 2023, 33 (or 24%) are high-rises (G+10 Floors or above), according to data from real estate consultant ANAROCK. This is a significant increase from 2019 when 27 or (51%) of the 53 projects launched were high-rises. In 2006, the andhra pradesh government introduced government Order 86 that scrapped the FSI policy for real estate buildings, thus promoting high-rises in Hyderabad.

The decline in the share of high-rises launches
Post-Covid The real estate market in hyderabad has expanded significantly, and experts note that in some areas, real estate was even more expensive than in Bengaluru. In Hyderabad's western neighbourhoods of Kokapet and Puppalaguda, you'll find the majority of the city's high-rise buildings. Data, however, shows that the proportion of tower debuts in the city has been continuously declining since 2019.

In 2019, out of 53 launches, 27 (51 percent) were high-rises. Out of 140 launches in 2021, 57 (41 percent) were skyscrapers. The share fell in 2022 when out of a total of 256 launches, only 72 or 28 percent were high-rises.

Intriguingly, according to real estate specialists, the total number of launches or the supply more than doubled every year in line with the shift in homebuyers' preferences. In low-rise neighbourhoods a little outside of city cores, there has been a drive after COVID for larger dwellings. According to architect Harsha Sridhar, the majority of the demand has shifted away from the high-rise segment due to the increased availability.

However, unrestricted FSI also raises building costs, adding to the burden on developers and landowners, especially in a market that is experiencing a global slump. According to experts, this might have also discouraged developers who were prior to the pandemic riding their boom on limitless construction.

Building height has been restricted by a number of government orders, including GO 168 (in 2012), depending on the location or the road. For instance, developers who want to construct along the 100-feet road must abide by the building ordinances, said Samson Arthur, branch director for Knight Frank india in Hyderabad.

The minimum site area for every high-rise construction must be at least 2,000 square meters, according to GO 168. Additionally, it says that structures closer than 30 meters to main roads must have black-topped service roads with two lanes and a minimum width of 7 meters before they may be approved. Additionally, it places the developer's own costs associated with supplying such service roads on them.

Experts demand FSI to regulate real estate
According to Sridhar, unrestrained FSI will eventually result in higher population density, which will erode the city's infrastructure. "FSI should be available in every city to curb the unchecked real estate bubble. For instance, the city is still expanding vertically rather than horizontally in locations like hyderabad where land is accessible. Natural resources like water and electricity will be under more infrastructure pressure as a result, he predicted.

For real estate to avoid floods and other infrastructure problems like those Bengaluru is currently experiencing, it is essential to analyze the carrying capacity of the land and implement a sustainable design, he noted. hyderabad municipal corporation-Latest Updates, Photos, Videos are a click away, CLICK NOW'>greater hyderabad municipal corporation representatives told Moneycontrol that while the administration had considered introducing some regulations, nothing had yet developed.
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SIBY JEYYA

21/09/2023 09:24 AM