‘There is a large segment looking for affordable housing and real estate should find ways to address their needs’

Trends the world over have shown that cities tend to get reoriented to mass transit systems and property prices in these corridors behave differently, remarked Hyderabad Metro Rail (HMR) Managing Director N.V.S. Reddy on Saturday.

Participating in a conference ‘Real Estate: Accelerating The Growth Story’, organised as part of the AP Real Estate Developers’ Association (APREDA) Property Show-2012, Mr. Reddy said the same was expected of the Metro Rail project as Transit Oriented Development (TOD) was being planned in the city. “Once the project shapes up, growth will happen in the eastern parts of the city,” he said.

The Hyderabad Metropolitan Development Authority (HMDA) Commissioner, Neerabh Kumar Prasad, stressed the need to reduce the land cost component in projects and make available affordable housing that comes with a price tag of less than Rs. 20 lakh. “There is a large segment looking for affordable housing and real estate should find ways to address their needs,” he said.

The HMDA and HMR were actively working on the TOD concept for all the metro rail stations and the area in a circle along them would be notified. “We will come up with a scheme of high rise development and there will be special incentives offered for the real estate in this,” Mr. Prasad said.

Along the Outer Ring Road (ORR), developers can pool land for projects and the HMDA would help in infrastructure, he said adding, “my interest is to create as much supply as possible and keep the pricing low”.

Jones Lang LaSalle Chairman and Country Head, Anuj Puri, highlighted the impact of political situations in the State on real estate and also made suggestions on developing Tier-II cities to take the load off Hyderabad.

Vinod Rohira, Director, Raheja Corp, Himanshu Sharma, Senior Director & Head-Leasing, Tishman Speyer India and others participated in the conference.

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