SANGAREDDY: Buying a plot in the urban pockets of Sangareddy district is becoming increasingly difficult for the lower- and middle-class people. Residents say that the money accumulated by real estate firms by selling land in Hyderabad is being invested to develop the plots in the district, causing an exponential rise in land prices.
Situated about 70 km away from the State capital Hyderabad, Sangareddy has become an attractive proposition for the wealthy, who want to get away from the hustle and bustle of city life. The average price for a 200 square yard plot from anywhere between Sangareddy and Zaheerabad ranges from Rs 30 lakh to Rs 50 lakh.
Consumers lament the rocketing prices of plots situated near the Hyderabad-Mumbai National Highway. They said that the rate is now Rs 50,000 per square yard, while informing that a real estate developer is selling plots close to the Indian Institute of Technology- Hyderabad for Rs 33,000 per square yard. Similarly, for Sadashivpet, the real estate companies are asking for Rs 25,000 per square yard even though the government rates fall between Rs 2,000 and Rs 3,000.
A dozen real estate companies have prepared layouts and are selling plots by the Sadashivpet bypass road. While it was once possible to buy a 200 square yard plot of land for Rs 5 lakh to Rs 10 lakh, it has now gone up to Rs 30 lakh to Rs 50 lakh. A resident, also a government staffer, said it would be impossible for the poor to own a house in the future, if the land prices keep rising as per the same trends.