HYDERABAD: Realtors in the city are looking to expand investments in and around Siddipet and Shamirpet, now that western part of Hyderabad is completely saturated. The new IT towers and the possibility of a new airport, as announced by the Chief Minister K Chandrasekhar Rao on Thursday, is all set to transform the real estate investment scenario, both in terms of residential as well as commercial projects.
Chief Minister on Thursday, had said that if Hyderabad needed another airport at some point in future, it would come up in Shameerpet.
This, in turn, would spur development in Siddipet. The land prices in Siddipet have already shot through the roof with the construction of irrigation projects such as Kondapochamma, Ranganayak Sagar and Mallanna Sagar. A few farmers, who purchased lands immediately after they received the compensation, are better off, but a few others, who delayed it, are in deep waters now.
Speaking to The New Indian Express, Rajashekhar Reddy, general secretary of Confederation of Real Estate Developer’s Associations of India (CREDAI), Hyderabad, said, "The area around Genome Valley in Shamirpet, all the way upto Siddipet, is a very lucrative market right now. This is because the number of employees in Pharma City is increasing by the day. We are hoping for massive investments in terms of both residential and commercial spaces."
He added, "However, the space available in the area is very restricted, and is meant solely for residential development. For commercial development, the zoning regulations in place need to be removed. We have spoken to the State government regarding the zoning regulations, and IT and Industries Principal Secretary Jayesh Ranjan has given a positive response."