HYDERABAD: Hyderabad’s newest metro line, Corridor II, that connects a 11-km stretch from Jubilee Bus Station to Mahatma Gandhi Bus Station, has become the talk of the town. Thus, experts opine that while the Green line (Corridor II) may not affect residential property prices, the area may see a slight appreciation in commercial spaces.
However, realtors say that introduction of the Metro line, will expand commercial and shopping options for the existing population which may lead to loss of business for traders and developers in the area.
Speaking to Express, Rama Krishna Rao, president, Confederation of Real Estate Developers Association of India, Hyderabad, said, “The area that Corridor II covers, especially around Narayanguda and RTC X roads, mostly will see negligible appreciation in residential property as it is a very old area which has already experienced real estate development over the years.”
He added, “However, what can flourish and notice a probable appreciation is the commercial properties in the area.” In terms of rental of residential properties, the rent ranges from `20,000 to `30,000 for 1200 to 1500 square feet.
However, another industry insider and realtor, choosing to remain anonymous said, “While the Metro in the Musheerabad, Narayanguda area is definitely an upgrade of public infrastructure, there is a possibility of loss of business in these areas. The residential population of these areas and the commercial hubs are interdependent on each other. As it is such a traditional area, the residential population does not really step out of these areas for purchases. However, with the ease of commute provided by the Metro, there might be a loss of business in these areas as people may step out to newer parts of the city for their purchases.”