Hyderabad: Hyderabad continues to be an attractive realty investment destination for NRIs from rich coastal districts who are lining up to own properties in and around the city.
Investors are keen to buy land on acre basis near the suburbs of the city as rates of individual plots have become very steep.
Land prices have shot up in last few months in areas surrounding the city, particularly in locations like Beeramguda, Nallagandla, Tellapur, Uppal, Chandanagar, Ramachandrapuram, Kothaguda, Madhapur, Kondapur, Hafeezpet, Miyapur, Kukatpally, Pragatinagar, Nagole, Tolichowki and Gachibowli.
Land prices have also increased in erstwhile villages like Gopanpally, Vattinagula Pally, Narsinghi Puppalaguda, Raidurg, Manikonda, Alakapur and Manchirevula which have now been merged into the Hyderabad Metropolitan Development Authority limits.
According to realtors, the rate per square yard rose from Rs 25,000 to Rs 40,000 in just three months in these areas. In some areas, the rate for one square yard was as much as Rs 50,000, and enquires for properties in these areas had increased tremendously in the last one month.
Areas like Nanakramguda, Manikonda, Gopanpally, Alakapur, Puppalaguda, Raidurg, Kothaguda, Madhapur and Hafeezpet have turned hot property in the realty market owing to their proximity to IT hubs.
Joint inspector general of stamps and registrations V. Srinivasulu said that there was 70 per cent increase in the land registrations in the state in December 2017 compared to the same time in the previous year. He said that in December 2016, demonetisation had a major impact on the realty sector. But since then there had been a considerable rise in land sales all over the states, particularly in erstwhile districts of Ranga Reddy, Medak and Hyderabad city.
According to Mr Srinivasulu, uncertainty among NRIs from US about their stay in that country was one of the reasons for the hike in land sales in the last two months.
Buying land by acres to beat steep rates of plots
Realtor Jay Prakash from Nallagandla area said, most of the buyers are interested in buying land in acres in areas like Sangareddy, Kandi, Ghatkesar, Ibrahimpatnam, Moinabad, Vikarabad, Shankarpally, Yadadri and Chevella which has led to a spike in land prices in these areas. Investors are interested in these areas as realty prices in and around the IT corridors have become exorbitant.
Mr Prakash said that one acre land in Mamidipally village of Medak district was selling for more than at Rs 1 crore as the area is close to IIT. Rates have even gone up to a staggering Rs 2 crore in Shankarpally and Mokilla villages for their proximity to ICFAI and other educational institutions.
A resident of Janwada village near Gandipet said, people were even buying lands which fall under GO 111 at higher rates to build farm houses. He said sprawling farm houses have come up in Shankarpally, Mokilla and Janwada villages in recent times. Four-laning of roads connecting Gandipet to Shankarpally also added to land price rise.
Realtor Mehamood Baig from Chandanagar said that rich folks from coastal districts, particularly West and East Godavari and Krishna districts, were of late showing interest on buying properties in Sangareddy, Zaheerabad and areas close to National Investment and Manufacturing Zone in Medak. He said buyers were paying '25 to '35 lakh per acre despite NIMZ being at least 100 km from Hyderabad.
Narrating an experience with one buyer from West Godavari, Mr Baig said the person told him that he had encashed all his fixed deposits to buy land as he was afraid of losing money vis a vis Financial Resolution and Deposit Insurance (FRDI) Bill. A lot of prospective buyers he came across in the past one month had similar apprehensions, Mr Baig said.
Mr K. Rajvardhan Reddy, a property dealer in Sangareddy town, said that recently several real estate ventures had come up in Shankarpally, Nandigaon, Ravirala and Alamkhanguda areas looking to the prospect of good rail connectivity in the near future, with the proposal to extend MMTS service to Shankarpally.
An official in the registrar’s office of Sangareddy district said that more than 300 properties are being registered every day for the past two months.
