Hyderabad:Expansion of HMDA limits up to Regional Ring Road (RRR), which was cleared by the Chief Minister A. Revanth Reddy-headed state Cabinet on Thursday, is being seen as a leap towards affordable housing.
Experts from the real estate industry said that increased availability of land banks in urban Telangana will result in more houses being offered at affordable rates as the land prices will be less compared to the western side and elsewhere.
Meanwhile, Credai-Hyderabad president V. Rajashekar Reddy said that the expansion will ensure emergence of more avenues that can create more employment opportunities and attract more investments.
“The decision to expand HMDA’s jurisdiction will further scale up Hyderabad’s real estate,” said B. Jagannath Rao, general secretary for the Hyderabad unit of Credai (The Confederation of Real Estate Developers’ Associations of India).
“The real estate industry is reaping the benefits, thanks to ORR. This trend will continue into the future. This decision is a boon for home buyers, especially the middle income families. This is a futuristic approach,” he said.
C. Shekar Reddy, national vice-chairman, Indian Green Building Council (IGBC) said that whenever an area comes under metropolitan authority, the real estate market in those areas flourishes.
“Areas under development authorities have better planning unlike in gram panchayats where planning is irregular. They should be developed into smart cities,” he said.
He added that the new areas should immediately be brought into the master plan but the residents should not be taxed further before the area is developed.
According to experts, 17 million sq. ft. (msf) of grade A/A+ office supply is projected to be added by the year-end, marking the fastest ever infusion in a year.
