Hyderabad: IT corridor the magnet of residential projects

As reported, the areas in the vicinity of IT companies were the favourite spots for real estate developers. It was also reported that the State Environmental Impact Assessment Authority (SEIAA) of Telangana, approved about 71 big residential projects for Environmental Clearance (EC). According to the law, projects having a built-up area in the range of 20,000 sq m and 150,000 sq m require EC certificate from SEIAA. Of the total 71 projects, about 23 are located in Serilingampally mandal, home to areas such as Gachibowli, Kondapur, Madhapur, Nanakramguda, Raidurg, Chanda Nagar and Kothaguda that house IT companies or are located in close proximity to them. Apart from these 23 projects, 11 construction projects that got the approval from SEIAA for EC include eight IT parks, three commercial spaces and one ‘health city’, also located in Serilingampally. Himayatsagar and Osmansagar are other hot spots for residential projects. Around 32 projects are along the 10 km radius of the Himayatsagar and Osmansagar reservoirs. Reports also suggest that the Telangana Government is interested in repealing the GO 11. It is alleged that the motive behind this is to promote real estate development in the 10 km radius.