The Telangana government has proposed setting up a skilling infrastructure with the help of real estate bodies to create higher employment opportunities for locals since real estate is one of the largest employment generators in the country.
A majority of the labor force in the real estate sector comes from Jharkhand, Bihar, and other states. On April 29, Telangana IT and Industries Minister KT Rama Rao said, “I would like to propose that CREDAI and other real estate bodies establish a training institute for workers where locals can gain the necessary skills and be employed in the construction industry.”
KTR addressed participants at the inaugural CREDAI Hyderabad property show, which began on April 29 and will showcase over 15,000 residential and commercial properties. As such a skilling infrastructure will reduce dependence on labor from other states, KTR said the real estate sector will flourish in Telangana as a result.
Hyderabad is also the most affordable real estate market among the top seven metros from across the country with an average price of Rs 4,400 per square foot, according to KTR.
In addition, the minister urged the realty sector players to opt for decentralized growth in the state. “I would also like the dignitaries to decentralize the construction business across the state without restricting it to just Hyderabad. We have set up Genome Valley, medical devices park, logistics park, and specific manufacturing hubs to decentralize the growth,” he added.
Realtors should identify new zones based on upcoming industrial clusters and develop those areas further. P Ramakrishna Rao, president of CREDAI Hyderabad, said the sector is bullish on Hyderabad’s real estate market despite the challenges.