Andhra Pradesh is the promising, new IT hub of India. The booming real estate sector of the state has attracted diverse property developers to construct numerous residential and commercial projects. Easy connectivity and newly launched power projects across the region are an added advantage to the overall development of the state.
The development of several industrial parks in the state has attracted foreign direct investments. Hyderabad has become the prime spot for development. Prestige Estates and KL Hitec Secure Print has bought 5.8 acre in Hitec City, Hyderabad in a JV and will develop a luxury residential project of 1.2 million sq ft on the site.
N Chawdury, Marketing Manager, Aditya Construction Company, says, "The real estate business is growing in Andhra Pradesh and the latest trend in both commercial and residential segments are smaller houses or properties that require low investments."
Some of the other upcoming residential projects are:
Imperial heights: This residential project near Hitech city in Hyderabad.by Aditya Construction Company offers 2/3 BHK apartments in sizes ranging from 1,250-2,000 sq ft.
Green meadows: This residential project by S&S Green at Gachibowli Extension in Hyderabad offers 2-3 BHK apartments. The sizes of these 2 BHK and 3 BHK flats are 1,045 sq ft and 1,335 sq ft respectively.
According to Jones Lang LaSalle report, Hitech and Gachibowli, the prime IT hubs of the city, faced a lull period last year. On a commercial front, the rents and capital value remained stable. Retailers continue to focus on high streets. Some of the upcoming commercial projects are:
Dev Dhanuka Prestige: Located at Banjara Hills in Hyderabad, this commercial project by Devansh Constructions is spread over 56,000 sq ft of retail space. It comprises ground floor of 5,000 sq ft and upper floors of 7,000 sq ft each.
Shanta Sriram Techpark: This premium project by Shanta Sriram Constructions covers a site area of 10,050 sq yards and is located in Gachibowli.
Andhra Pradesh is also going through a power crisis; the government is undertaking new power projects to solve the issue. A divisional engineer from APGENCO shared details of an ongoing 800 MW coal based thermal power plant near Krishnapatnam in Nellore District, being developed to meet the energy requirements in the state. The power station is designed for use of blended coal in the ratio of 70 per cent washed domestic coal, from Odisha, to 30 per cent imported coal. Other ongoing power projects in the state include:
Nava Bharat Ventures: The company has commissioned a 150 MW power plant at Paloncha, Khammam District in Andhra Pradesh which will be set up through its subsidiary, Nava Bharat Energy India.
Kaizen Power: This is a Special Purpose Vehicle, promoted by Abhijeet Group, for setting up a 300 MW captive coal-based power project at Vishakhapatnam. The total project cost is estimated at Rs 1,644 crore.
Petronet LNG: The organisation is working on a Rs 4,500 crore LNG terminal project at Gangavaram in Visakhapatnam district in collaboration with the Gangavaram port. The company expects to complete the project by end of 2016 and offer facilities for receiving, storage and regasification.
Further, the state has also undertaken a number of infrastructure projects. In this segment, a newly launched bridge called 'New Lakdi ka Pul', which connects Lakdi Ka Pul Junction and Masab tank was opened for traffic in February. The 71.6-km-long Hyderabad Metro Rail is also moving at a fast pace as a new pier was raised amidst the peak traffic stretch of Rasoolpura and Begumpet. Phase-I of the project will cover two tracks - 8 km between Nagole and Mettuguda and 12 km between Miyapur and Ameerpet.
For more details:
Upcoming Projects in Andhra Pradesh