Land prices shoot up after CM K Chandrasekhar Rao's surveys

Hyderabad: Three trips by Chief Minister K. Chandrasekhar Rao and a series of announcements on developing Yadagirigutta has turned the region into a hotspot for realtors.

Properties on the stretch from Bhongir-Alair-Yadagirigutta have suddenly turned into a hub for real estate activity.

Talking to this newspaper, Alair TRS legislator Gongadi Sunitha on Wednesday said, “Real estate business has picked up quickly after announcements by the CM. The government is acquiring lands from farmers through mutual consent, but this has nothing to do with the realty boom here. It is natural for people to do business by telling stories to people.”

Mr Krishna Reddy, a senior citizen involved in the realty business in Bhongir says, “It resembles the boom of 2008-09. The rate per sq. yard for residential plots used to be Rs 1,000 to 1,200 three months ago. Now it is between Rs 10,000 to Rs 12,000. The stretches from Raigiri to Yadagirigutta that used to fetch Rs 15 lakh per acre, is now worth Rs 1 crore to Rs 1.30 crore. All lands near the road on the 65-km stretch from Hyderabad-Yadagi-rigutta have turned expensive. They are returning the money they took months ago and have entered into agreements on non-judicial stamp paper and are now selling land at very high prices,” Mr Krishna Reddy said.

Nobody knows what kind of projects will come and when. But the whole area is turned out to be hot spot for realtors and for investors. ' if a major hub is going to be set up, it is natural people around the area want to build hotels, restaurants, resorts etc, we cannot stop this development' MLA Sunitha said.