The arrival of IT sector more than a decade ago has propelled the real estate sector to new heights. The focus though was mostly in the western parts of the city encompassing more and more locations, but with Metro Rail project things are set to change for the better in the eastern region, writes T. Lalith Singh
For more than a decade since the IT sector arrived in the city in a big way, the real estate has been focused mostly in the western parts. It metamorphosed the landscape in these parts and in expanding circles encompassed more and more locations.
From a sleepy little hamlet, Madhapur transformed into the most-sought-after address and hugely impacted the real estate activity in the city. It stretched to Gachibowli, Nallagandla and Tellapur on one side and brought into its fold of development, Hafeezpet, Kukatpally and Miyapur on the other side.
Alongside the IT came the residential and commercial growth and the property prices scaled high to levels that were not imagined before the IT forays. Particularly the middle class despite a yearning for a slice of property in this growth corridor, clearly feel left out given the high price tags.
Is it time to look beyond the western parts and turn the gaze towards the eastern parts of the city? Could the much awaited Metro Rail project usher in this change and result in a real estate boom here?
During the inauguration of the AP Real Estate Developers’ Association (APREDA) property show last week, the Minister for Municipal Administration & Urban Development, Maheedhar Reddy set the tone for this with his remarks.
“The growth is only towards Gachibowli and the western parts, some say. But the eastern side of the city too is going to be developed soon with the Metro Rail,” he said. Buttressing his argument, the Minister pointed out that the real estate prices are already going up in places here such as Uppal.
A conference ‘Real Estate: Accelerating The Growth Story’ which was part of the property show took the point further with the Hyderabad Metro Rail (HMR) Managing Director, N.V.S. Reddy citing the trend world over on cities reorienting themselves to the mass transit system. “Along the growth corridors of mass transit system, the property prices behave differently,” he quipped.
The Hyderabad Metropolitan Development Authority (HMDA) Commissioner, Neerabh Kumar Prasad too was vocal in his support of the premise. The HMDA in tandem with the HMR was ‘intensely’ working on the concept of transit oriented development (TOD) for the 63 Metro stations, he said.
A certain radius around these stations is proposed to be notified with a scheme for high rise development. Special investments too would be offered for those participating in this growth and it included the facility of directly connecting properties with these stations in the form of skywalks. Overall for the city, Mr. Neerabh Prasad Kumar also raised the possibilities of development along another major infrastructure project, the Outer Ring Road. He suggested land pooling on sectors of the growth corridor and the HMDA providing the infrastructure and roads and projects coming up possibly on the PPP mode.
The government officials also elaborated on various other initiatives taken up in the city that could propel the growth further. On the city not really picking up on manufacturing sector, the HMDA Commissioner said though efforts were made in the direction, but engineering manufacturing did not happen.
“But we have Defence and Aerospace oriented industry apart from the IT. Hyderabad is developing but developing perhaps differently from other cities such as Pune and Chennai,” he remarked.
However, the real estate in the city was not really catering to the majority segment that is keen on property and looking for affordable housing. The real demand is for the affordable housing with price tags that do not cross Rs.20 lakh mark, he opined.