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Metro Rail To Spur Realty In Hyderabad
Posted by Pradeep Sadanapalli | April 18, 2008 | 495 views
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Loading ...The metro rail project is expected to boost real estate activity in areas surrounding Hyderabad as it will link up the core city with the outskirts.
Many prospective home buyers now shy away from the suburbs as there is no proper connectivity to the city. They are forced to buy flats and houses at high prices within the city. Once the metro rail starts chugging, this situation will change. Home buyers will flood the outskirts where flats and houses are available at lower rates.
The environment in the suburbs, with less traffic and less pollution, is also peaceful when compared to the busy city. “I am thinking of buying a flat in LB Nagar since the metro rail will bring me to the city in about 20 minutes,” said J.Raghuram, a resident of Khiaratabad. “There is no need for me to drive through the busy traffic. Moreover, prices of flats are reasonable in the suburbs.”
R. Prasanna Kumar, a business executive of a multinational firm, is also pinning his hopes on the metro rail. “If I buy a flat in the outskirts I will save at least Rs 5 lakh,” he said. “The cost per square foot is around Rs 2,500 in surrounding areas but it is around Rs 3,000 in prime localities of Hyderabad.” The metro rail will pass through three major routes — MiyapurNampalli-Khairatabad-Miyapur (29.87 km), Jubilee Bus StationRTC X Roads-Falaknuma (14.78 km) and Nagole-TarnakaAmeerpet-Shilparamam (26.51 km). It is being taken up at an esti mated cost of Rs 9,696 crore and is expected to be completed by end of 2012. “There is a heavy demand for houses which are located near metro railway stations in New Delhi,” said Mr N.V.S. Reddy, managing director of the Hyderabad Metro Rail Project.
“We expect the same thing to happen in Hyderabad too.” Metro rail authorities anticipate that over 60 per cent of the estimated 16 lakh travellers will be commuting from the outskirts.
Builders are also planning to construct more apartments in the city outskirts. “We can earn reasonable profits if we take up new ventures in the suburbs,” said a builder. “There is no guarantee for returns in the core city because of the rise in cement and steel prices.”
SOURCES:
Deccan Chronicle
Topics: Real Estate, Infrastructure |
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