Telangana: Real estate rides on big-ticket promises

Slew of projects send registrations in state soaring.

Hyderabad: The growth rate in real estate transactions has zoomed following the announcements of a slew of projects such as the National Investment and Manufacturing Zone, Pharma City, industrial and IT corridors, radial roads, Metro Rail, skyways and others. The announcement that more districts and mandals will be created by Dasara has also contributed to the growth in realty dealings.

Rural areas in Medak district have experienced rapid growth in land values and registrations. The district recorded a stunning 91.24 per cent growth in revenue through registration of land in the last six months against first six months of last year. And Hyderabad stood second with 49.29 per cent of growth, followed by Ranga Reddy (40.23), Mahbubnagar (30.35), Nizamabad (32.16) and Warangal (30.11). The state’s remaining districts saw 10 to 30 per cent of growth.

Telangana Sub-Registrars’ Association president Rachakonda Srinivasa Rao told DC that government’s initiatives to locate projects in all the districts was contributing to a rise in realty transactions. The government has announced setting up of industrial parks, food processing parks, spice parks, a solar park, Yadadri development authority, Yadadri and Bhadradri power plants etc..

“After announcement of new districts and proposed new mandals, sales have gone up,” he said. CREDAI Telangana state president G. Ram Reddy said sale of plots and flats had increased in the last three months. “Mostly, the announcements of IT policy and TS-iPASS led to the increase in prices of lands, plots and flats. Good days are here again for the sector,” he said.

He said that each 1,000 sq ft of commercial space would generate at least 10 jobs. “Amazon is coming up in a 30-lakh sq. ft facility followed by Sales Force with 2 lakh sq. ft, Apple with 2.5 lakh sq. ft, Google with 20 lakh sq. ft and Flipkart with a 2.2 lakh sq. ft. The arrival of these units has boosted real estate in the western parts of Hyderabad Ranga Reddy district,” he said. The city currently has 8 crore square feet of IT space with 1,300 big and medium companies.

( Source : Deccan Chronicle. )
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