‘Completion of landmark projects such as BSE Centre, 100-storey Reliance tower, IRDA office besides the ongoing Metro Rail give a major boost to the sector’
The Hyderabad real estate sector is likely to get a major boost in the form of landmark projects in a year’s time. The presence of at least three projects in and around the financial district, Gachibowli is expected to give the necessary push to the sector according to the industry.
Key among the proposed projects include the backup headquarters of Bombay Stock Exchange (BSE), the 100- storey business centre of Reliance infrastructure and the permanent office building of the Insurance Regulatory and Development Authority (IRDA).
“These projects are a great value addition to the city, especially to the real estate sector. Besides, the Hyderabad Metro Rail, Information Technology Investment Region (ITIR) and Outer Ring Road projects make Hyderabad a hot destination. The combined strength elevates the city on par with the ones in global league,” said Mr. C. Shekhar Reddy, national president of the Confederation of Real Estate Developers’ Association of India (CREDAI).
Hyderabad has many advantages owing to its salubrious weather, low cost of living, Hindi as a common language and presence of various communities, he says.
The BSE headquarters in Gachibowli resembles the national headquarters in Mumbai according to the managing director and chief executive officer of BSE Ashishkumar Chouhan. The stock market operations and transactions of BSE will be shuffled between the centres in Hyderabad and Mumbai from time-to-time and the switching will be monitored by the Securities and Exchange Board of India, he added.
The estimated Rs. 300 crore facility in financial district will also serve as a data recovery unit in the event of any natural disaster or accident. The construction of the building is almost completed and it will be operational by the end of 2014.
Another notable project is the 100-storey business tower proposed by Reliance Infrastructure in 2007. The project, which was shelved due to changed economic conditions, picked up momentum now. The company has re-submitted the proposal with minor changes and it is under active consideration according to Andhra Pradesh Industrial Infrastructure Corporation (APIIC). The Rs. 8,000 crore and odd project will be coming up near Manchirevula near financial district.
The permanent office structure of the IRDA which is under construction in the same place is also expected to add to the vibrancy of the financial district. The regulator is right now operating out of a small facility in the city.
Further, the Centre’s clear vision on the status of Hyderabad and completion of projects like metro rail will further enhance the advantages of the city in terms of congenial environment for business activity according to industry sources.