« Apollo Health City eyes more foreign patients | Home | House prices to hit the roof »
Plotting on outer outskirts
Posted by Srini Uppala | December 7, 2007 | 388 views
(No Ratings Yet)
Loading ...Those who could not capitalise on the real estate boom are now looking for a plot in newer and emerging areas at a small cost expecting good returns in future, says T. Lalith Singh
When the city grows, its boundaries start stretching. They turn elastic and in ever widening circles start encompassing more and more space. The core of city might remain the same but the peripheries lengthen resulting in the suburbs getting merged while what lies ignored beyond, takes the meaning of an outskirt. Thus, new suburbs emerge and the real estate activity over a period of time, starts metamorphosing it too.
The same is happening with the city here. Miyapur where one dreaded to travel after evening till a decade back is bustling and the same is the case with most parts of Serilingampally. Chandanagar is no more seen as a long distance location and Kondapur nudged its way to the top of property charts.
The present boom has stretched the city outskirts like never before and given the riches that some reaped from investments here, plots even in spots that can be best described as far flung shot into demand. Having missed the bus once, many have started looking at the possibility of buying a plot in the newer and emerging areas at a small cost and then expect good returns in the years to come.
Thus, one find locations abutting highways leading to the surrounding districts experience a transformation and the once desolate terrain sporting a new look. At many places, even 50 kms from the city, one can find the rocky outcrop flattened, wild growth cleared and cleaned for plotting and development of townships. Huge hoardings herald a new realty dawn there and advertisements and pamphlets entice the potential buyers with the promise of a golden investment opportunity.
Some of these ventures boast proximity to major projects that either have been announced or proposed. Srisailam Highway is one good example to understand the phenomenon. Run through the list, Narsapur, Kompally, Nagaram, Kottur, Thimmapur, Chinna Mangalaram, Mansanpally, Moinabad, Pulimamidi, Cherlapally, Dubbacherla, Kandukur, Pedda Tupra, Annojiguda, Tukkuguda, Ghatkesar and Dundigal. Most would be names completely unfamiliar till a year back and some would be areas that real estate developers would not have touched with a barge pole some time back.
Though the demand for plots in ventures located quite a distance from the city zoomed at the height of the boom till early this year, it has come down a bit in the last few months, says a developer.
The overall stabilisation in matters of property has shown some effect here too and the mad rush that was on witness with vehicles zooming in and out every day has declined a bit.
The prices vary depending on the location but most happen to be in a price bracket that is affordable for the middle class who could neither dream to acquire a property in the city nor stretch means to look at the immediate suburbs for a piece of land. “A range of Rs.800 to Rs.1,200 per square yard is what interests many as they see it as a long term investment option. Put your money here and once projects come up or development takes up, the prices naturally will go up,” he says.
It is also pointed out that a very high majority of those pumping their money here are not the ones keen on building a home and settling down here.
The driving expectation happens to be the dream that some day in future, these locations too would turn hotcakes the way it happened at places that gained a premium hue, courtesy IT projects and airport.
SOURCES:
The Hindu
Topics: Real Estate |
Comments
You must be logged in to post a comment.