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Articles: Development | Real Estate in Hyd - How real it is?
- Mr. Siva Sankar Donepudi
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Some try to explain the demand for this phase as resulting from the recent move to connect the Mumbai Highway and Madhapur with a proper road passing through the KPHB colony. 'There is a sudden demand as the colony which is just on the other side of a happening Madhapur will be connected across the railway tracks,' says an official.
The big `why'
Still does it call for a price as high as half-a-lakh per sq.yd. is the question that many, including some dealing in real estate, find hard to stomach. For them, it is just an artificial inflation attempted by a section of realtors to jack up the prices. That the city is in the grip of a property boom is not disputed but what is objected to is the unprecedented levels to which prices are being raised.
A realtor dealing with properties in Bachupally and Aminpur says: 'Till a year back, no one heard of these places, but a price range of Rs.3,500 to Rs. 8,000 is being quoted now. That too when there is nothing happening around here and it hardly figures on the IT radar.' Shamshabad is fine given the fact that an airport is coming up there. Madhapur, Kondapur and Gachibowli too are okay for IT activity is rooted here. But what logic drives the appreciation of property prices in far flung areas like Nizampet, the rural belt beyond Kompally, the vast stretches beyond Geological Survey of India (GSI) campus, pollution scarred Jeedimetla and a little known place like Almasguda, is hard to explain.
Reasons cited
Land rates have spiralled to such an extent in the last couple of years, it is pointed out, that there is no bit of property available in the city or immediate suburbs that fall in the four-digit price category. 'The minimum one can look forward to is Rs.1,200 per sq.yd. and that too in some under-developed corner,' says Rajeshwar Reddy, a realtor operating at KPHB.
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