Realty all set for boom in Hyd ITIR corridor
HYDERABAD: With dust settling down after bifurcation, the real estate sector, particularly south of Hyderabad, is heading towards a boom, according to realtors.
With the establishment of the ITIR corridor and defence & aerospace sector, realtors opine that locations such as Adibatla and Shamshabad will develop rapidly and has the right infrastructure, land and water supply, and connectivity to enjoy sustainable growth over the next decade.
'There are not many cities in the world where the industrial corridor is just 10 minutes away from airport. The ITIR region has been untapped so far and the defence & aerospace sector coming up in that region is an added advantage,' said C Shekhar Reddy, builder, CSR Estates and National president, CREDAI.
One of the reasons the region has attracted people is due to the availability of land in abundance, which has ensured steady prices. 'There's plenty of land available and no pollution. With nearly 30 radial roads connecting with the ORR, we are open to lakhs of open barren land and when supply is more, the prices will go down,' Sekhar said.
Average prices for open plots in ITIR corridor are said to be around `50-60 lakh per acre. Prices further reduce beyond Shamshabad region and can even be found at `20-30 lakh, according to realtors.
'If you go by the past experience, there has been an appreciation of around 40 per cent over the last 20 years and value of land is likely to increase ten times more in ITIR zone in the next 10 years,' Sekhar predicted.
Apart from residential projects being planned in the region, several IT companies have started their projects near the ITIR corridor. 'A major company is setting up a big project, employing 3,000 people. So we can expect appreciation of 20 to 25 per cent yearly,' said Jaiveer Reddy, builder, MD Ashoka Developers and Builders.
'There was a little setback in the last couple of years but now after bifurcation, political tension has eased and things are back on track,' he added.
News Posted: 29 November, 2014
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