Hyderabad: Some projects can change a city forever, like the Nehru Outer Ring Road and the Metro Rail changed, and are continuing to change Hyderabad.
While glimpses of the ORR, right from those we can see from inside a flight that slowly descends at the Rajiv Gandhi International Airport, still leave people in awe, the Metro Rail has not only changed the way people here travel, but has also changed the cityscape to such an extent, that anyone returning to the city after a significant gap, before and after the advent of the Metro, can hardly recognise the city.
Now, a report on ‘Hyderabad, a Global City in the Making’ published by real estate and investment management firm JLL, says these two projects, more than any other recent infrastructure project that made significant contributions to the economy of Hyderabad, had an instant visible impact on real estate as well.
Both these projects had a ‘consistent contribution’ to the appreciation of property prices from their inception to their commencement, the report says, going on to note that these projects are also contributing to the future real estate growth potential of Hyderabad.
The ORR has improved connectivity of the international airport with the city and pushed the development of manufacturing parks, business parks, residential plots and apartments in and around Shamshabad.
The Hyderabad Metro, on the other hand, improved the internal connectivity of the city and opened up new pocket friendly residential precincts such as Miyapur, Chandanagar and Ameenpur. Property prices appreciated significantly by more than 65 per cent over the decade (2009-2019) in the locations that are in the ‘influence areas’ of these two infrastructure projects, while property prices in the rest of Hyderabad appreciated up to 50 per cent during the same time, the report says.
The key infrastructure projects that contributed with significant impact on the economy of Hyderabad, according to the report, are the Rajiv Gandhi International Airport, which was completed in 2008, the PVNR Expressway completed in 2009, the Hitec City Flyover that was completed in 2010, the ORR (2008-2018), and the Hyderabad Metro Rail Phase I (2018-2019).
The RGIA, the JLL report notes, improved air connectivity of Hyderabad with key cities across the world. Direct air connectivity with key cities in US, UK, Europe, Middle East, Singapore and Hong Kong attracted many MNCs to set up operations in Hyderabad and this project drove real estate development in the south of Hyderabad.
The 11.6-km signal-free elevated highway — the PVNR Expressway — from Mehdipatnam to Attapur ensured significant reduction in travel time from the city to the RGIA. It triggered an upsurge in retail and housing development in Attapur, Rajendranagar and surrounding neighbourhoods. The Hitec City Flyover, the report says, brought about decongestion of traffic in western Hyderabad, while having a positive impact on property prices in Kukatpally, Moosapet and surrounding locations.
Coming back to the ORR, the report says the 158 km elevated 8-lane expressway built to circle the city periphery, caused reduction in travel time by avoiding inner city traffic and opened access to new precincts for real estate development.
As for Phase I of the Metro, JLL says the Red Line of the Metro, a 28-km network connecting Miyapur and LB Nagar with eastern, central and western Hyderabad, reduced the travel time from 120 minutes to 50 minutes. Metro Rail corridor and surrounding locations see increased opportunities for retail and housing development, while property prices have appreciated along the Metro Rail corridor.
The Blue Line, a 25.3-km network connecting Nagole in the east to the Hitec City in the west, meant residential suburbs in the east being linked to IT offices in the west. It brought about an upsurge in housing and office development in eastern Hyderabad apart from the property price surge along the Metro Rail corridor.