There’s only one way land prices are going - up. And even a 100 km away from the city, the clamour for buying land continues…

Realtors in the city have now turned their attention to land on the outskirts. In a new definition of distance, 80-100 km away from the heart of the city is no longer considered far.

And with the upswing in the real estate prices, there seems to be no land that is not on the realtor’s radar. And with the government’s plans to develop the city in a 100 km radius, land prices of adjoining districts are going up too.

Ravinder Reddy, owner of a real estate agency, sold 15 acres of land at Chevella, a year ago for Rs 1 lakh per acre, but he regrets the decision.

“Today the same land costs around Rs 10 lakh per acre. People are cashing in on the developmental activities.”

Incidentally, Chevella is 60 kms from Shamshabad. Even land in Kamareddy, which is as far as 140 kms from Hyderabad, costs around Rs 75,000 per acre today.

“When I wanted three acre of land at Sangareddy in Medak district, I was surprised to see that the land price per acre was Rs 15 lakh. But that didn’t deter me since the prices will go up further,”says KVS Giridhar, a resident of Ameerpet.

“When we placed an advertisement for sale of plots in Kamareddy, 30 acres got sold in a month. Buyers were looking at it as an investment. Ten years ago, no one would have thought of buying land near Sanghi Nagar or Rajendranagar, but land rates have gone up so much that a 200 sq. yard plot at Rajendranagar now costs more than Rs 20 lakh,”says Govardhan Reddy of a real estate agency.

“One would want to buy land not to miss out on the opportunity and regret later. Buying land is an asset in a city like Hyderabad, which is growing at an unprecedented rate,”says D Vinod, a resident of Begumpet, who bought three acre of land in the interiors of Vikarabad for Rs 80,000 per acre.

As the land prices skyrocket, people from other cities like Pune, Nagpur and Ahmedabad have also been inquiring, adds G Prakash, regional sales manager of a housing agency.

Sources:
The Times Of India 18 Aug, 2006