HYDERABAD: : With mobile handset manufacturer Micromax’s facility coming at Fab City in Maheshwaram, near here, real estate ventures and layouts in the surroundings of Fab City are witnessing a new-found activity.
Spread over 50 acres, the Micromax unit provides employment to more than 600 persons and the number will increase to 1,000 soon. Launching of Micromax is seen as crucial point in drawing more hardware manufacturing companies to Hyderabad, thus creating a demand for land.
“The Telangana government is making every effort to draw companies to Hyderabad. We are already reputed for attracting software companies. Now, the government is making extra efforts to draw even hardware companies as they generate huge employment which is necessary for creating demand for houses. Though the surroundings of Maheshwaram are already being seen as potential real estate investment areas, after Micromax’s launch more buyers will consider investing in the area,” said Gummi Ram Reddy, president of the Confederation of Real Estate Developers Association of India (CREDAI), Telangana.
Though Fab City was launched long ago to attract hardware manufacturing companies, due to various reasons it did not see much activity.
In spite of being located near the Rajiv Gandhi International Airport at Shamshabad, the prices in and around Fab City and Maheshwaram hovered around Rs 3,000 to 3,500 per sq yard, while the lands at Adibatla, which are located adjacent to the area, commanded a price of more than Rs 8,000 per sq yard. When compared to the happening West Hyderabad region, these prices are much less.
But the area is set to witness a positive turnaround with the launch of Micromax unit amid much hype by state government.
“We receive at least 2,000 enquiries for properties in Hyderabad daily. But an interesting pattern we have witnessed in the last couple of days is the increasing number of enquiries for layouts and properties in and around Maheshwaram. Though we do not expect an immediate rise in prices in these area, we are surely expecting an increase in transactions,” said Veer Sanjeev of property portal 99acres.com.
Creation of jobs is the most important factor which will push development of real estate sector in any area.
As hardware manufacturing units are set to create jobs, realtors see a definite rise in demand for homes and rentals in the surroundings.
“It is high time the focus of Hyderabad realty shifted from the west to other areas as areas in western Hyderabad such as Gachibowli, Hitec City and Nanakramguda have reached the saturation point. Even investors are looking for alternatives. With the government focusing on attracting hardware units, the areas in and around Fab City, Maheshwaram can be the best bet,” said K.Sreedhar Reddy, vice-president of Telangana Real Estate Developers Association (TREDA).