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Land Prices May Soar Near Himayatsagar
Posted by Pradeep Sadanapalli | July 23, 2007 | 441 views
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Loading ...In a controversial move that could open the flood gates for real estate activity and cause an upward movement of land prices within 10 km radius of Himayatsagar and Osmansagar lakes downstream, the State Government has decided to amend contentious GO Ms No 111.
The 11-year-old GO 111 prohibits setting up of air and ground water polluting industries and major construction activity within 10 km of both the lakes.
Though no major industries, which cause acidification of lake waters downstream, have come up in the prohibited zone, several software companies have set up their units in the zone. Sources said that even the first phase of Hitec city falls within the prohibited zone.
There was pressure on successive governments to relax the GO so that real estate activity can pick up. It is no secret that a majority of the VVIPs in the State have large tracts of lands in the 10 km zone and hundreds of farm houses have come up there.
The Rajasekhara Reddy Government appointed a 12-member committee comprising experts from NGRI, IICT, EPTRI and HUDA about 18 months ago. The committee submitted its report to the State Government recently.
The State Government accepted the recommendations of the experts committee and has agreed to amend GO 111 accordingly.
As per the recommendations, areas falling within 500 metres from the bunds of both the lakes will be declared as prohibited zone and from 500 metres to 1000 metres, the area will classified as low rise development zone where restricted development will be allowed. In respect of areas between 1 km and 10 km downstream, all development activities such as residential, commercial, Information Technology centres and hotels will be permitted.
SOURCES:
NewIndPress.COM
Topics: What's UP, Real Estate |
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