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Articles: Development | Real Estate in Hyd - How real it is?
- Mr. Siva Sankar Donepudi
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Causes for price escalation proffered include the steady growth of the city on the IT-map, improvement in infrastructure such as roads and rapid strides towards the emergence of a cosmopolitan culture complete with malls and entertainment facilities.
Some don't pay bids
Mr.Reddy cites the example of a youngster from Patna who joined an IT firm here and within days of taking the job started hunting for a piece of land.
Real estate watchers sound a note of caution about shades of artificiality to the boom and use the example of Nandagiri Hills in Jubilee Hills last year to drive the point.
An auction of plots by the HUDA here saw the prices inching past the Rs.40,000-mark per sq.yd. but some of the successful bidders did not return to pay the amount and claim the land. Meanwhile, the property there and in surrounding areas became hotcakes and the rates rose by a few significant notches. And sooner enough people did realise that it was an effort by some real estate dealers to artificially jack up the prices for the land that did not inherently deserve such a price.
PS: Please note that this article is not written by me. It was published in The Hindu news paper on last saturday. I am only reproducing this here for people who had not gone through it. The article was written by Lalit Singh of The Hindu.
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