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Airport closure talk spurs real estate activity
Posted by Srini Uppala | March 7, 2008 | 587 views
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Loading ...The shift of air operations from Begumpet airport to Shamshabad next week appears to have come as a boon for people living in funnel zone of the Secunderabad Cantonment Board (SCB) and also parts of GHMC.
It has led to a sudden rise in land prices with real estate businessmen entering the scene hoping to make a killing when the height restrictions on buildings are expected to be relaxed.
So far, the Civil Aviation Ministry had allowed construction of only ground plus one floor in Mahendra Hills, West Marredpally, Picket, Karkhana, Balamrai, Bowenpally, Balanagar and Sanathnagar.
Construction under way
These areas come under the flight path for take-offs and landing spreading around a 20 kilometre radius. Whether the relaxations will come or not is not yet known, but the land sharks have entered the waters enticed by several independent houses located here. In fact, construction had already begun. For instance, a builder first constructed a four-storied building last year in Marredpally but ever since the date of inauguration of Shamshabad airport was announced, he began building another floor in the last few days and is offering a three-bed room flat for Rs.30 lakh!
Other builders too are not lagging behind and are busy constructing extra floors. These areas have become prime areas over the years and with the land options within the city getting exhausted all eyes have turned towards here.
Plus points are easy proximity to the Secunderabad railway station and also excellent road connectivity to all the key trunk routes.
‘Big relief’
For residents of Mahendra Hills, the new airport is a huge and double blessing. “We will get relief from the noise pollution and can also construct additional floors once the restrictions are relaxed,” said J. Laxmikanth, a retired Cooperative Department employee.
Former Cantonment Board Vice-President J. Pratap, admitting that people were expecting height restrictions to go, said that a proposal was already sent to the Principal Director Defence Estates, Pune, seeking permission to allow construction of ground plus three floors in SCB.
“Land prices had gone up by 30 per cent after the inauguration of the new airport was announced,” he added.
SOURCES:
The Hindu
Topics: Real Estate |
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