With the rise in investments and development of properties, the realty sector is booming in Warangal, the second-largest city in the State and its adjoining areas. Since the formation of Telangana in 2014, Warangal has unofficially been regarded as the second capital of the State. As a result, a major chunk of funds for development and projects are earmarked for the city. Currently, 84 projects worth Rs 2,860 are underway in the city while the work order for 27 other projects, approximately worth Rs 612.45 crore, was issued recently.
Experts said Warangal is emerging as one of the best-performing residential real estate destinations across the State in the past year. Due to the strong infrastructural facilities such as the Outer Ring Road, NH connectivity to major cities in the State and beyond, rail connectivity with Kazipet Junction and Warangal stations, proposal to set up a domestic airport at Mamnoor and the establishment of the Textile Park, Warangal has all the markings to be a real estate hub, they added.
The city is already seeing an effect as prices of residential units are increasing almost daily. A 1,000 to 1,200 square feet apartment costs around Rs 50 lakh while the minimum cost of plots in the main areas of the erstwhile Warangal district is Rs 20,000 per square yard. Even Kazipet is enjoying the shift in land prices. Experts pointed out that a number of non-resident Indians (NRIs) living in the West are preferring to buy villas and independent houses costing over Rs 2 crore.
E Prem Sagar Reddy, president-elect, CREDAI Telangana, said, “The construction of smart roads and development of lakefronts, smart central district and extended business district will lead Warangal to rapid development.” “Real estate investment and development are set to skyrocket in the city soon,” he added.
Satyanarayana Reddy, president of the Warangal chapter of CREDAI, said there has been significant growth in submarkets surrounding the city due to infrastructure improvements. In addition to being a Smart City, Warangal will be fast-tracked in development and transformation. “This is an appropriate time to buy a property in the city, just before the growth causes a rapid increase in property prices. The city has emerged as one of the best-performing residential real estate destinations in the State,” he added.