Hyderabad: The recently held e-auction of 67 plots at Uppal Bhagayath area saw the Hyderabad Metropolitan Development Authority (HMDA) earn a whooping Rs 677.85 crore in just two days. While the average bid price went upto Rs 51,516 per square yard against an upset price of Rs 28,000 per square yard, one plot in fact ended being sold for as high as Rs 73,900 per square yard.
The amount is staggering and shows how real estate prices have shot up in these parts of the city. So what changed?
“Location of Uppal Bhagayat next to the Nagole Metro Rail station has led to this kind of high land prices here. We could not have imagined fetching this kind of land prices here a couple of year ago,” explained MAUD Principal Secretary Arvind Kumar.
According to him, development is bound to happen in an area where the Metro is located as it facilitates mobility. “Nowadays mobility in any city is extremely important. What percentage of a city’s population uses public transport determines the success of that city. People want to be located in an area where commuting is easy and that’s why there is a surge in property value at Nagole and Uppal,” he said.
He, however also considers Telangana government’s push of ‘Look East Policy’ as another major reason for surging prices in these parts of the city.
Currently, the State government is working towards encouraging more IT and allied companies to take up office space in the eastern part of the city to decongest the western part of Hyderabad.
This will not only help increase the presence of IT spaces across the city but also reduce traffic, pollution and commute time of thousands of IT employees.
There is also a draft policy in place that intends to offer additional incentives to companies opening their facilities at Uppal, LB Nagar and Pocharam.
“What we are trying to create in this part of Hyderabad is to have more office complexes in the area. We are going to have two logistic parks coming up which will bring a lot of business and employment. Once that happens, people will come from other parts of the country here looking for accommodation. This is how the values will go up and we will ultimately arrive at a balance where the city will develop in a uniform manner,” concluded Arvind Kumar.