Hyderabad: A slew of announcements by the government on setting up projects in city outskirts over the last three months has led to a spurt in real estate prices in neighbouring Medak, Nalgonda and Mahbubnagar districts.
In fact revenue generated in the three districts, which was low earlier, has witnessed a steep increase.
Property registrations in November touched Rs 13.7 crore in Nalgonda, Rs 13.6 crore in Medak, Rs 12 crore in Warangal and Rs 10 crore in Mahbubnagar.
Ranga Reddy and Hyderabad districts continued to top with collections of Rs 115 crore and Rs 45 crore, respectively, in December.
TS revenue rose to Rs 240 crore in December from Rs 201 crore in June, fuelled by the realty boom in Nalgonda, Medak, Mahbubnagar and Warangal districts.
Chief Minister K. Chandrasekhar Rao has made frequent aerial surveys of these districts to find land to set up Pharma City, Cinema City, industrial corridors and other projects.
Realtors are exploiting this to their advantage and luring customers to buy plots in these locations with the promise of a steep increase in property prices in the near future.
However, realty investment experts are cautioning people against buying property solely relying on the plans announced by the government since there is no clarity or timeframe for the mega projects.
“No one knows when these projects would come up. But the CM's aerial surveys and announcements have helped realtors to reap the benefits now itself. A sub-registrar office in Gajwel in Medak district, which never witnessed even Rs 25 lakh revenue collection in a month has crossed Rs 1 crore mark during the last two months," said a revenue official. Real estate firms have roped in agents to market the plots in areas where the Chief Minister has announced mega-projects. One of them offers one acre for Rs 3.8 lakh near Pharma City with 10 grams gold free.
