HYDERABAD: Open plots on the periphery of Hyderabad, which were earlier within the reach of the middle class, have become dearer these days. This trend is being noticed following the rise in stamp duty rates. The city’s expansion and improved road connectivity has also resulted in rise in land costs. Residential plots particularly in Medchal-Malkajgiri district have become costlier as prices have increased by five to 10 times since 2014.
City-based realtors say the market value has been increased by Rs 3,500 per square yard in Boduppal, Peerzadiguda and Medipally areas. Earlier, the registration charges for 200 square yards in these areas used to cost Rs 87,000. However, they increased to Rs 1,60,500 after new registration charges.According to the Telangana State Realtors Association (TSRA), in 2014, each square yard in Peerzadiguda was sold for Rs 5,000. Today, the minimum cost is Rs 45,000 per square yard. In the last six months alone, the price of the land has been hiked by Rs 15,000 per square yard, shooting up from Rs 30,000 to Rs 45,000 a square yard.
The boom in the realty sector is such that the lands in Ramanthapur have shot up by Rs 20,000 per square yard in the last seven months. In Pragathi Nagar of Ramanthapur, the prices which were Rs 80,000/square yard in January, 2021 have risen to Rs 1 lakh per yard. Similar was the case with Boduppal which witnessed land rates going from Rs 60,000 to Rs 70,000 per square yard during this period.
“In Habsiguda, a 200 square yard plot used to be available for Rs 70,000 six years back. However, the rates skyrocketed to Rs 2.20 crore in 2021 as each square yard is being sold for Rs 1.10 lakh. Uppal, which is now being hailed as the toast of East Hyderabad, has seen buyers purchasing the plots for Rs 70,000 a square yard, that too in interior areas,” says N Praveen, president of TSRA.
Last month, the market value of lands and the stamp duty rates were revised. Stamp duty rates were revised to 7.5 per cent from six per cent. Real estate experts say Hyderabad has inherent strengths when compared to other cities offering a decent lifestyle. It offers good employment opportunities and people are keen to invest in buying homes here.