Telangana Second Hottest Market For Real Estate In India After Gujarat
Real estate sector is booming in the suburbs of Hyderabad, making Telangana the second hottest market for real estate in India after Gujarat. This is mainly because of three areas under Greater Hyderabad Municipal Corporation(GHMC) limits -Serilingampally, Rajendranagar and Quthbullapur. Serilingampally and Rajendranagar are located very close to the IT corridor areas of Gachibowli, Kondapur, Madhapur and Nanakramguda, indicating that the Information Technology (IT) boom which catapulted Hyderabad to the global stage decades ago, still has an impact on the real estate sector.
Analysis by Express reveals that in just four months of this year, from January 1- April 30, 2018, the State Environment Impact Assessment Authority (SEIAA) of Telangana received 98 applications seeking Environmental Clearance under the category of ‘New Construction Projects and Industrial Estates’.
These are all big-ticket projects because as per a 2006 notification of Ministry of Environment and Forests (MoEF), construction projects having built up area between 20,000-1,50,000 square meters have to apply for Environmental Clearance to the SEIAA.
A quick glance at the proposals revealed that of the 98, only about 16-17 projects are of commercial/industrial nature, and the rest are all residential projects in Hyderabad hottest market. Even among the commercial/industrial projects, half of them are located in Serilingampally, which are IT parks.
When contacted, CREDAI Telangana president also said that IT industry is the main reason spurring growth of Hyderabad hottest market realty sector in areas like Serilingampally and Rajendranagar. He said, “The space to develop real estate projects are now available only on the city’s outskirts. As a result, higher number of residential projects are coming up in the suburbs like Quthbullapur or Patancheru.”
Of the 98 construction projects which applied for EC, 54 projects are located in Serilingampally (27), Rajendranagar(17) and Quthbullapur(10), which fall under GHMC and are mandals in Rangareddy district.
The remaining construction projects for which EC applications have been received are located in — Ramachandrapuram (7), Patancheru (5), Malkajgiri (4), Saroornagar (4), Uppal (3), Ameerpet (3), Balanagar (2), Shankarpalle (2), Khairatabad (2), Maheshwaram (2) and one each in Shameerpet, Sangareddy, Secunderabad, Medchal, Shaikpet, Golkonda and Choutuppal.
The SEIAA of Gujarat received a massive 175 applications this year, seeking EC for construction projects under the ‘New Construction Projects and Industrial Estates’ category. However, unlike Hyderabad, the projects are not concentrated in and around a single city. The projects are distributed in different cities mainly Ahmedabad, Surat, Vadodra, Rajkot and Valsad, which shows that development is not happening in just one part of the state.
Source Link- http://www.newindianexpress.com/.