The proposed formation of new districts in the State is already leading to escalation of real estate prices with all the three areas in Medak district showing a sharp 25 per cent rise.
With the rates already peaking, the real estate dealers are now waiting for the finalisation of proposed construction of integrated Collectorates and police complexes in the proposed district headquarters of Medak and Siddipet.
In Siddipet, the land per yard for residential areas currently stands between Rs. 2,000 per yard to Rs. 4,000 depending on the connectivity to the main transport road. If the proposed land is adjacent to the main road or in the adjacent lane, the rate is anywhere between Rs. 15,000 to Rs. 20,000 per yard.
Coming to the farm lands, the rate is hovering between Rs.6 lakh to Rs. 8 lakh per acre if the land is located about five kilometres radius of the proposed district head quarters town of Siddipet. For land in the town, the realty rates are pretty high, ranging from Rs. 20 lakh to Rs. 25 lakh per acre and sometimes even more depending on the buying party.
In Medak town, the land rates have increased by 25 per cent compared to the previous rates once Chief Minister K Chandrasekhar Rao made a firm assurance that Medak would certainly become the district headquarter. “The real estate dealers are waiting for the proposed sites for the Collectorate and SP offices and once it happens, the rates will escalate more,” observed Hari, a Medak town resident. In the case of Sangareddy, the present district headquarters for Medak, the real estate rates are between Rs. 2,000 and Rs. 10,000 per sq.yard depending on how far they are from the main road. Recently, a real estate dealer floated a venture ‘Oxygen Valley’ near the Indian Institute of Technology-Hyderabad (IIT-H) with each plot measuring 1,000 yards and each plot costing about Rs. 20 lakh. “Everyone is waiting for the finalisation of new districts and then the real estate prices are bound to increase further,” said an official, declining to be identified.
