The Hyderabad Metro Rail project has become the buzzword for the city’s realty sector, which has pinned all its hopes on this Rs 14,132-crore project to revive a stagnant market. Buyers are finding the project attractive owing to easy accessibility and the development that is expected to take place once the project commences operations within five years. Real estate developers have been prominently highlighting Metro Rail connectivity in their brochures and publicity material to attract buyers. They are luring customers by predicting that property prices will escalate in the areas surrounding Metro Rail stations in the next five years.
The real estate sector has seen poor demand since 2007 due to the global recession and later, from 2009, due to political turmoil in the wake of the statehood agitations. The commencement of the Metro Rail work along three corridors spread over 71 km has thus revived hopes of a real estate boom. Agents say the Metro has become a determining factor in the escalation of property prices in the city.
Property prices around Metro Rail station sites have skyrocketed as developers flocked in to invest in these prime locations. Seven Metro Rail stations have been planned, including those at Nagole, Uppal, Survey of India, NGRI, Habsiguda, Mettuguda and Tarnaka in the first phase. Property prices in areas surrounding these stations like Nagole main road, Ganesh Nagar, RK Puram, Boduppal, Vijayapuri colo-ny, Bandlaguda, Kalyanpuri, SBH Colony, Dharmapuri colony, Street No.8 main road, Sri Sai colony, Kakatiyanagar, Ramanthapur, Nacharam, Mallapur, HMT Nagar, Tarnaka, Lallaguda, Lalapet, Uppar-guda, Mettuguda, Keshavnagar etc., have shot up.
“Connectivity is a crucial factor for the real estate sector. People, especially techies who want to commute to Hitec City, were not keen to buy property in these areas due to traffic snarls. The Metro Rail connectivity will now enable them to reach Hitec City within 45 minutes. Buyers now prefer properties even in these congested areas,” said Mr C.S. Reddy, a builder.
