Golden Gandipet spurs real estate growth around Hyderabad

Gachibowli and Madhapur are passe. Gandipet, Shankarpally, Maheswaram, Shamshabad, Qutubullapur, Ibrahimpatnam and Shadnagar are the new favourites with realty firms and investors.

An analysis of registration department revenue data reveals that the new realty destinations, mostly on the outskirts of the city, have registered phenomenal growth in the state with an increase of 70-120% revenue in 2018-19 compared to the last financial year. In April and May alone, Gandipet had recorded around 100% growth rate, emerging as the destination for realtors and home buyers in the state. On the other hand, Banjara Hills had witnessed just 13% growth.

The ‘Golden Triangle’ — Shankarpally to Muttangi Road, Shankarpally to Kokapet Road and Outer Ring Road (ORR) from Kokapet to Muttangi — has emerged as the most sought after destination.

Registration and stamps department officials said investors from Mumbai, Pune, Delhi and big realty firms were investing in the city surroundings abutting ORR. Experts attribute spurt in real estate investments in the city due to non-revision of official market value (of plots, flats, and agriculture land) rates since 2013. As a result, most transactions were being done in ‘black’, while white money transactions would be for the official registration value.

Officials attribute the spurt in real estate activity to the overall image of Hyderabad as a promising destination.

Though Gandipet and Shadnagar have registered the highest growth rate when compared to the last two years, Serilingampally Mandal having two registration offices — Rangareddy RO and Serilingampally SRO, which consists of Gachibowli, Madhapur, Raidurg, Kakatiya Hills, Kavuri Hills, Nanakramguda, Khajaguda, Gopanapally, Financial District, Nallagandla, Kondapur, Guttala Begumpet Kothaguda, Hafeezpet, Chandanagar, Miyapur, Madinaguda — remains number 1 destination in the state with Rs 737 crore revenue per annum.

However, the growth rate is negative in Serilingampally in 2018-19 when compared to last year, indicating that growth was shifting to Gandipet and Shankarpally mostly due to saturation in the area.

Additional inspector-general of registration and stamps department M Venkata Rajesh told TOI, “The department has earned a gross revenue of Rs 6,612 crore in the 2018-19 financial year as against Rs 5,177 crore in 2017-18 with a growth rate of 28%. In the gross revenue, 15% transfer duty is given to local bodies.”

“Investors from north India and big companies are investing here, where large chunks of land are being bought. Hyderabad’s image has improved globally and its cosmopolitan nature is attracting investors,” he added. Registration department has sent a communication to the government on the revision of market values.

Rangareddy district DIG, registration and stamps, VV Naidu told TOI, “Rangareddy district gives 35% of revenue of the registration and stamp fee of the state. Gandipet and Mokila in Shankarpally with villas and gated-communities coming up on a large-scale boosted growth.”

CREDAI Hyderabad president S Ram Reddy said: “Golden triangle of Shankarpally, Kokapet and Muttangi, consisting of Mokila, Patighanapur, Bhanuor, is very accessible due to ORR. Regional Ring Road, Airport connectivity, schools and recreation zone also helped this area. Sangareddy and Kandi are also preferred. Shamshabad-Adibatla stretch has picked up due to IT, aviation industry and reasonable costs. The third area is Ghatkesar surroundings. Shamirpet Road and LB Nagar are not developing that much.” “The growth of real estate in Hyderabad is not on speculation. Rates will grow two to three times in the next five years,” he added.

News Source: Economic Times, Url:

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