Shamshabad, Jeedimetla preferred choice for investors
Hyderabad: Shamshabad and Jeedimetla have emerged as the most preferred choice for investors seeking land from the TS government. The state government has received 114 applications seeking land so far, of which 40 applications prefer Shamshabad and 44 Jeedimetla.
Surprisingly, there are no takers for lands in Hitech City. The higher cost of land, at nearly Rs 30 crore per acre, is being cited as the reason. Except for Warangal, there are no applicants for land in other districts, despite availability of lakhs of acres.
Of the 114 applications, 56 are at the scrutiny stage, provisional allotments have been made for 62 applicants, 28 applicants are in payment stage, final allotment has been made for 29 applicants and 28 applicants have taken physical possession of land.
In Shamshabad, of the 40 applicants, provisional allotment was already made to 32 and final allotment to 18. In Jeedimetla, of the 44 applicants, provisional allotment has been made to nine and final allotment to seven applicants.
TSIIC VC & MD E.V. Narasimha Reddy said, “Availability of lands besides their affordability contributed to the huge demand in these areas. Moreover, they are close to international airport and industrial, biotech, IT, aerospace zones. We have identified Sultanpur, Patancheru for development and we expect a similar demand for them.”
“Land cost in Shamshabad and Jeedimetla is lower when compared to Hitech City area. While one has to shell out up to Rs 25 crore to buy an acre of land in Hitech City area, just about Rs 1 crore would be enough to buy 1 acre in Shamshabad. Even in Jeedimetla, an acre costs between Rs 5 crore and Rs 7 crore,” said C. Shekar Reddy, former national president, CREDAI.
In districts, only Warangal has been attracting investors seeking land allotment.
With Centre declaring Warangal as one of the smart cities, investors see bright prospects for the district in industrial and infrastructure sectors in the coming days.
This is prompting investors to seek land in Warangal to set up their units.
The TS government has created a land bank of 2.34 lakh acres for allotment to industries.