CREDAI’s Property Show concludes with Hyderabad Realty on a high note

Hyderabad, Aug 31 (INN): The Confederation of Real Estate Developers’ Associations of India’s (CREDAI) mega Property Show concluded on Sunday at the HITEX, Madhapur with a turnout of more than 60,000 visitors in spite of the rains through the three days of the event which had the city of Hyderabad reeling, visitors responded enthusiastically over the weekend by making a beeline for the CREDAI Hyderabad Property Show 2014.

The CREDAI Hyderabad Property Show this year achieved a land mark and saw a host of VIPs and dignitaries visiting the event during the three days. The valedictory function day was presided over by Irrigation Minister T Harish Rao along with Deputy Speaker of Telangana Assembly M Padma Devender Reddy and MLA E Ravinder Reddy in the presence of CREDAI senior leadership team comprising of C Shekar Reddy- National President, N Jaiveer Reddy- Hyderabad President, S Ram Reddy – General Secretary and a large number of developers, stakeholders and industry members.

The high point of the event were the announcements made by Chief Minister K Chandrashekar Rao while inaugurating the Property Show to boost the real estate sector in the state like withdrawal of NALA (non-agricultural tax) and VAT for real estate sector, rationalized the seigniorage fee to Rs. 3 per sqft of the built up area. He also announced that the payment of impact fee at one time which is a burden on the developers and therefore will be in installments. The Real Estate Industry requires around 40 NOC’s which is a major source for corruption and delays. He declared that the state of Telangana will be a ‘Zero tolerance zone for corruption’ and all the NOC’s will be removed and he will personally take up with the Prime Minister regarding the simplification of NOC from the ministry of civil aviation. He also announced to introduce a world class Single Window System for approval for real estate sector shortly.