HYDERABAD: Gone are the days when prime real estate in Hyderabad was concentrated in the western parts of the city along the IT corridor, Kokapet and Lingampally, but the trend has shifted with the realty sector in the eastern parts of the city — Uppal, Ghatkesar, LB Nagar and Adibatla — witnessing a boom.
As part of the Growth in Dispersion (GRID) policy, the State government wants to develop IT parks not just in the western parts of Hyderabad, but is now also encouraging MNCs and developers to build their complexes and offices in the eastern parts of the city.
The metro connectivity to Uppal and LB Nagar and the six-km-long flyover coming up from Narapally to Uppal will help a large number of people travel to and fro from different parts of the city. A 650 metre-long skywalk at an estimated cost of Rs 35 crore to ease the congestion is also proposed by the State government.
As the population has been increasing in Peerzadiguda, Medipally and Boduppal between Uppal and Ghatkesar, many malls have come up in this stretch like the DSL Virtue Mall and Asian Cine Square along with a lot of super and hypermarkets. Genpact has already entered into a co-development agreement with Ramky Estates to develop approximately two million sq. ft of commercial office space.
In Adibatla, where there is an electronic city, offices of the Tata Advanced Systems and a Boeing Defence Space and Security Facility, the area was already witnessing a rise in the price of flats. With over 15,000 employees in the Adibatla campus of Tata Consultancy Services (TCS), many live in nearby areas. At present, the cost of flats in Adibatla ranges from around Rs 4,000 per sq. ft and a 1,200 sq. ft 2 BHK will set you back to the tune of Rs 50 lakh.
Towards Ghatkesar, where Infosys has an SEZ campus on over 100 acres of land, there are proposals to expand the facility situated in Pocharam village and create employment for more youth. Many developers have already constructed apartments, villas and independent houses near Ghatkesar. Meanwhile, the State government has demanded that the Centre allot an industrial corridor on the Hyderabad-Warangal Highway. If at all it becomes reality, the state of real estate might witness a sea of change.
CREDAI Telangana Chairman Ch Ramchandra Reddy told Express that as there is a high saturation in the western corridor of the city, there is a huge opportunity to develop the eastern parts, which have abundant space and infrastructural facilities. As the western side has become full with properties and residential houses being costly, East Hyderabad will have an edge to attract companies, builders and buyers,” he said.