Developing Zones : Hyderbad

hyderabadBy Accommodation Times News Services

Hyderabad:  Like many other Indian cities, Hyderabad has witnessed a remarkable growth of the real estate industry. As like other IT cities (Chennai, Pune, Gurgaon, and Mumbai), here also, the city is forced to improve their infrastructure, residential, commercial and mall segments.  Better quality of life, Industry friendly government, low crime rate, quick availability of connectivity, shorter commuting distance within the city as compared to other metros has attracted investors and common man alike. With the development of a township with sate -of the-art facilities called HITECHCity in Hyderabad, the place has emerged as one of the places for property investments. With more and more IT companies are setting up, the city had bagged a dream project – Fabcity. To create a model city, the state government has taken number of steps. The government has already initiated the project involving an investment of Rs 27,000 crore for development of metro rail, flyovers, roads, and drainage system.  Common haunting problems of every metropolitan city are traffic and pollution. To tackle with this problems, the state government is implementing the MRTS, which will have cost around Rs 8760 crore.  The rates have not only been increased in and around HITECH city but other areas like Begumpet, Malkajgiri and certain areas in Secunderabad , which shows the over all development of the city. The expansion of the city has not been restricted to western suburbs like HITECCity, Madhapur, and Gachbowli, area the upcoming international airport, Fabcity, HardwarePark and those on Warangal and Vijayawada highways are also turning into hotspots.  In Gachowli, around 80 per cent land has been dedicated to international banks, financial institutes, and mutual funds to set up their operations. Gatkesar is another hotspot for middle-class buyers. Prices are still affordable and are likely to shoot up given the road expansion work going on as part of the Prime Minister’s Golden Quadrangular Road Project. The road has been developed till SingaporeCity. Assured of green space given the reserved forest area between Medipally and Nampally, the stretch is turning out to be preferred destination for employees.  But here too, IT industry is a main reason to hike in the rates. A Gartner report   predicts that by 2010, Hyderabad and Chennai will replace Bangalore and Mumbai as the favored Indian destinations for IT outsourcing. The study has evaluated and categorized on various factors such as infrastructure, skill availability, skill retention, access, cost of living, political support and quality of life. A recent survey report from Jones Lang LaSalle says six million sq ft of Grade A office has been occupied by IT/ ITES sector alone. The demand has been estimated at 30 million sq ft by the 2016 if the current trend in absorption level is any indication.

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