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.
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