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Property Plus    Coimbatore   

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Not the poorer cousin, anymore

A couple of years ago, one sq.yard land in RR district cost Rs. 600. Now, it comes to Rs. 10,000. With Hyderabad bursting at the seams, the benefits are spilling over to its not-much-touted neighbour, writes T. Lalith Singh

Photo: P. V. Sivakumar

TAKING WINGS: With the Shamshabad International Airport, Ranga Reddy district has truly landed on the realty map.

HYDERABAD MIGHT be walking away with all glory as a happening city in terms of IT, BT, airport and real estate, but it is the neighbouring Ranga Reddy that is really playing host to most of the projects and facilities.

Ringing the capital, the district has almost all the major ideas and concepts that caused the demand for land and contributed to all-round escalation of property prices.

Whether it is an already bustling Cyber Tower or an international airport in the making or a FAB City, the contours of which are to take shape on the drawing board soon, one can find them dotting the RR District map.

Hyderabad, both the old and new parts of it, chokes with unplanned construction activity over several decades and this hardly leaves any scope for grounding concepts such as special economic zones or mega projects here.

]This naturally has the neighbouring RR district with its proximity, easy access and unexplored spread becoming a hot favourite.

And as projects took shape and more announced at regular intervals, parts of the district that are in the closest proximity all around have hit the realtor's popularity charts.

The projects kept coming and the land prices kept escalating. Areas like Kondapur and Gachibowli that hardly were motorable some years back now have the best roads, workspaces spread all over and apartments and even villas cropping up all over.

Not in State hands

Such has been the demand for land here that the District Revenue Authority finds itself left with a meagre share of the vast tracts that it once controlled in some mandals. Take the case of Serilingampally, where officials admit that there is not much land available now with the Revenue wing. "We are left with some bits and pieces strewn here and there but nothing substantial," says the RR District Joint Collector, V. Seshadri.

A considerable chunk of the revenue land, between 1,000 acres to 1,200 acres, has been transferred to the Andhra Pradesh Industrial Infrastructure Corporation (APIIC). The APIIC has 500 acres marked for an IT hub at Raidurg with Gachibowli, Gopanpally and beyond registering an unprecedented demand for land.

The hub of growth

A real growth hub, the property interests in the districts can be mapped in the three directions - its 3S's -- Serilingampally, Shamshabad and Shamirpet. Of them, Serilingampally is on the verge of exhaustion as far as revenue lands are concerned. The IT sector struck deep roots here and from just-born IT companies to leading international software firms have either Madhapur, Kondapur or Gachibowli printed on their letterheads.

Property prices, naturally, have spiralled beyond anybody's imagination. Fuelled by well-paid software professionals who came here from all parts of the country, the realty boom has reached a stage where one cannot think of taking control of a square yard of land without shelling out at least Rs.10,000! That too for the same bit of land that was available for Rs.600 or Rs.900 per square yard a couple of years back.

Count in crores

While Rs.10,000 happen to be the base, prices have escalated to even Rs.28,000 per square yard at some places of Gachibowli. Even calculating at Rs.10,000 per square yard, an acre works out to be how much? A whopping Rs.4.8 crore!

Property is also fast growing in widening circles around Shamshabad with the upcoming International Airport as the epicentre. Officials foresee tremendous potential in locations here like Kandukur, Maheswaram and Saroornagar. The stretch of land between the roads heading for Srisailam and Nagarjuna Sagar too is tipped to be in for some exciting times. Plans are afoot here to the tune of 2,000 acres including Fab City while areas like Nadergul and Adibhotla could soon be bustling beyond recognition.

Planners' attention

Shamirpet, which for long has was known only for the lake, Deer Park and such facilities, is also set for a new role. District

administrators point out that the Apparel Park, Biotech Park and the recent announcement on a BITS campus are throwing up real estate possibilities that were hitherto not thought about in these parts of the district. Places such as Aliabad and Lalgadi Malakpet here are said to have caught the attention of planners. If that is the case, can investors and realtors be far away?

Of the 37 mandals in the district, most of the development has been confined to about 18 mandals that lie in the first ring surrounding Hyderabad.

Electronic Park

Now, the second loop comprising mandals that are comparatively away has begun to see some activity including projects like a Electronic Park at Alur in Chevella.

This is explained by the sale of agricultural land and gardens in the first circle by farmers at existing high prices and moving back to invest a part of it in properties that come at lesser prices.

Time Ranga Reddy is given its credit.

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