The real estate prices have soared in district and now the properties cost more in Warangal than in the State capital going by the trends.
Both the vacant plots and apartments cost more here than the State capital with per square feet rate in district ranging from Rs. 2,400 to Rs. 3,000, while the vacant plots ranging from Rs. 7,000 to Rs. 35,000 per square yard.
B. Koteswar Rao, a real estate agentsaid people were preferring to buy apartments than vacant plots for various reasons.
“First is clear documentation and safety for families. Buying vacant plots is difficult as there is much litigation before and after the transaction,” he pointed out.
According to him, the real estate prices went up in district because there was more demand and cost of construction had gone up.
In Hyderabad, the rates came down as not many preferred to buy. People were investing in Vijayawada, the emerging capital of new State, he observed.
Migration
The migration of people from rural areas to district headquarters and proposed development works by the State government turned Warangal and its surroundings a sought after place now.
Mr. Koteswar Rao said the proposed Yadagirigutta-Warangal Highway (NH-163), including the Outer Ring Road (ORR) for Warangal city would attract more people even from far off places such as Hyderabad in the days to come. The prices of land on either side of the road have gone up from Rs.10 lakh to Rs. 35 lakh per acre between Kazipet and Jangaon.
According to him, the easy and liberal housing loans being given by bankers has come in handy to even middle class people to buy an apartment.
“Now a flat costs Rs.25 lakh and above which is not considered too costly by people,” Koteswar Rao says.
