Hyderabad, the bustling urban agglomeration spread across 650 sq. km, is set to experience a wave of transformation with the lifting of GO-111. This development opens up approximately 538 sq. km of land for real estate opportunities, igniting anticipation among developers and industry professionals.
According to D Muralikrishna Reddy, the president of CREDAI Telangana, this shift in regulations will lead to a change in the lifestyle of Hyderabad residents. With such vast land available, people are expected to opt for villas or five-storeyed buildings. The current market value of land in these areas ranges from Rs 2 crore to Rs 10 crore per acre, but this is projected to grow by 10 to 15 times in the next 2-3 years.
V Rajasekhar Reddy, the general secretary of CREDAI Hyderabad, envisions the development of a new and environmentally friendly city. He suggests that while protecting the environment, villas, resorts, holiday homes, recreational facilities, and luxury housing can be built with certain restrictions. This approach aims to strike a balance between economic viability and the preservation of nature.
It is important to note that environmental activists express concerns about uncontrolled urbanization and its impact on the ecological balance of the region. However, the government assures that measures will be taken to maintain water quality in the twin reservoirs and prioritize environment-friendly infrastructure, including sewage treatment plants, roads, and drainage systems.
During the launch of the 11th edition of the CREDAI Hyderabad Property Show, industry representatives expressed their eagerness to participate in the development of the areas previously covered by GO-111. Municipal Administration and IT and Industries Minister K T Rama Rao has promised to consider their suggestions and inputs during the planning process.
Rama Rao also revealed plans to unveil a new master plan for Hyderabad within the next 18 months. This initiative aims to capitalize on the opportunities presented by the scrapping of GO-111. Additionally, master plans for all 141 municipalities and municipal corporations will be prepared before March 31, 2023. The construction sector can look forward to a market full of possibilities for the next 10 to 15 years.
The demand for housing is expected to rise in Hyderabad due to the employment opportunities created by multinational companies. Google recently announced its plans to establish a 3.3 million sq ft campus, while Amazon has already opened a 3 million sq ft campus. This, coupled with the presence of Microsoft and Amazon's data centers, signifies the city's growing importance in the tech industry.
Muralikrishna Reddy highlights the demand for three-bedroom houses across Telangana and notes that the current average price for an acre of land is no less than Rs 25 lakh. The pandemic has also brought about a shift in people's preferences, with a greater emphasis on better facilities and larger houses.
In Gachibowli, the heart of the IT hub, high-rise projects are underway with prices reaching up to Rs 16,000 per sq ft. The real estate market in nearby areas like Narsingi, Gandipet, Financial District, Puppalaguda, and Kokapet has seen prices exceeding Rs 10,000 per sq ft. However, the most significant growth has been observed in localities to the west of Greater Hyderabad, owing to their proximity to the IT hub and international airport.
The revocation of GO-111 has undoubtedly set the stage for a real estate boom in Hyderabad. Developers and investors are eagerly eyeing the opportunities that lie ahead, as the city undergoes a remarkable transformation that will shape its future landscape.
Disclaimer: The above image is used for illustrative purposes only and does not necessarily represent the properties mentioned in the article.