#99acresInsite: Government initiatives to uplift realty market in Hyderabad

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Backed by robust commercial expansion and enhanced connectivity, Hyderabad recorded steady absorption of residential inventory in the quarter ending March 2019. With a slew of projects underway, the city’s real estate market is anticipated to benefit further in the forthcoming quarters.

One of the fastest growing cities in the world, Hyderabad continues to attract homebuyers from across the country due to its ‘affordable’ tag. According to 99acres Insite report for Jan-Mar’2019, the city’s residential market has been treading a growth trajectory on the back of competitive property prices, robust office space leasing and expanding civic infrastructure. Besides, the government, too, is taking initiatives and measures to put the city on the global map and attract more foreign investments. While political stability and business-friendly environment have worked in favour of the city, other initiatives such as metro expansion and introduction of a new master plan have also uplifted the realty sentiment in the city.

99acres takes a deep look at these initiatives and tries to decode the impact they will have on the city’s realty landscape:

New Master Plan on the cards

The Telangana government is preparing a new, inviolable Master Plan for the Greater Hyderabad Municipal Corporation (GHMC), which will segregate the city into three parts - areas within Outer Ring Road (ORR), beyond ORR and within the proposed regional ring roads. Under the new master plan, the State government will define zoning of areas for setting-up facilities such as an education city, sports city, cinema city and health city. According to Telangana Chief Minister K Chandrasekhar Rao, the new master plan will be designed keeping in mind the problems of the growing city and will cater to the economic development of the city. The plan will emphasise on infrastructure creation including roads, traffic management, sewerage, power supply, transportation systems and enhancing green cover with an eye on the future. The responsibility to prepare the new plan has been given to the Administrative Staff College of India (ASCI), who can appoint national and international experts as consultants.

Metro expansion in the city

The State government inaugurated the much awaited 10-km-long metro corridor between Ameerpet and HITEC City in March, 2019. The new metro corridor has not only decongested high-traffic areas in the city but is also anticipated to give a fillip to the realty markets falling along the stretch. According to Praveen, Proprietor of Hyderabad-based Branded Homes, “Besides ascertaining hassle-free ride to commuters travelling to important places of the city, the Ameerpet-HITEC City metro corridor will play a vital role in transforming the realty landscape of Yousufguda.” Other localities expected to benefit includes Durgam Cheruvu, HITEC City, Madhapur, Jubilee Hills and Ameerpet.

In addition to this, the Hyderabad Metropolitan Development Authority (HMDA) has also expedited work on the Jubilee Bus Station (JBS)-Mahatma Gandhi Bus Station (MGBS) metro corridor and is expected to throw it open to the public by November, 2019. Once operational, the corridor will provide better connectivity to long-distance commuters travelling between JBS and Secunderabad and add to the city’s connectivity quotient.

Metro timeline

Upcoming metro corridor

Status

Estimated completion date

JBS-MGBS

Under-construction

November 2019

MGBS-Falaknuma

Land acquisition process underway

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Regional Ring Road
to strengthen the existing road network

In a major boost to connectivity in Telangana, the Union cabinet gave the in-principle nod to the much-awaited Regional Ring Road (RRR) project. Estimated to cost Rs 11,000 crore, the 362-km-long and 60-m wide road will strengthen the existing road network by linking major National Highways passing through the State. The government will undertake comprehensive development of the RRR and equip it with amenities such as food courts, parking, toilets, children’s play area, parks, malls and drinking water facility, each of which would come up on an area of 300 to 500 acres. The project cost will be borne by the Central and State government in 50:50 ratio. As of now, the Centre had asked the State government to consider realignment of some stretches of the road due to the high land acquisition costs involved in the original alignment plan.

To add to this, the State government will also incentivize builders who develop integrated townships outside the 160-km long Outer Ring Road (ORR) in plots measuring at least 50 acres. The move will lead to the development of infrastructure facilities, creation of employment opportunities and new housing supply between the two circular roads in the city.

While the government is doing its bit by introducing these measures to address the growing needs of the city, it needs to ensure that these projects are completed in a time bound manner. Expert believes that if implemented properly, these initiatives hold the key for the holistic development of the city and can simultaneously bolster real estate growth.


Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.


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