Revocation of GO-111 to boost real estate in Hyderabad
Real Estate

Revocation of GO-111 to boost real estate in Hyderabad

Intro: Telangana govt has unlocked 1.32 lakh acres in Hyderabad By revoking 26-year-old government order GO-111, Hyderabad developers are eyeing a big boost for the real estate sector in the coming days.

By revoking a 26-year-old government order GO-111 that prevented big constructions and industries in the 10-km radius of two Nizam-era water reservoirs, the Telangana government has unlocked as much as 1.32 lakh acres across 84 villages connecting Hyderabad for development.

The two Nizam-era water reservoirs were Osman Sagar and Himayat Sagar, and their catchment on the city’s outskirts.

This translates to as much as 538 sq km of land close to an ever-expanding urban agglomeration called Greater Hyderabad, which in itself is now spread across 650 sq km.

President of the Telangana chapter of the Confederation of Real Estate Developers Associations of India (CREDAI), D Muralikrishna Reddy, told the media that the lifting of GO-111 is going to transform the lifestyle of the people of Hyderabad. There has been a demand for high-rise buildings, but since such vast land is now available, people are going to opt for villas or G+5 (five-storeyed) buildings.

One could get anywhere between Rs 2 crore and Rs 10 crore per acre for land here at present. In 2-3 years, this will increase by 10 to 15 times, he said.

V Rajasekhar Reddy, the general secretary of CREDAI’s Hyderabad chapter, told the media that an entirely new and environmentally friendly city could be developed here considering the ecological balance and showcased before the world.

On Friday, at the launch of the 11th edition of the 3-day CREDAI Hyderabad Property Show, several industry representatives highlighted their willingness to be part of the development of sites under the erstwhile GO-111 areas.

Municipal Administration and IT and Industries Minister K T Rama Rao, who participated as chief guest, said he would consider their suggestions and inputs during the procedure.

KT Rama Rao announced that the state would unveil a new master plan for Hyderabad in the next 18 months, specifically with the scrapping of GO-111. Simultaneously, the state will prepare master plans for all 141 municipal corporations and municipalities before March 31, 2023.

According to him, the construction sector need not have any market-related concerns for the next 10 or 15 years as opportunities were surplus.

The minister was referring to the demand for housing that was expected to arise from employment produced by multinational companies setting up large campuses in Hyderabad.

Recently, Google announced the installation of its 3.3 million sq ft campus in Hyderabad, its largest campus outside of the US.

Amazon has already set up a 3 million sq ft campus in Hyderabad. Microsoft and Amazon are installing their data centres here. The government has also started working on the establishment of pharma city, electronics manufacturing cluster (EMC), industrial parks, logistics parks, and also the new IT parks in tier-2 cities.

Image Source

Also read: Indian real estate market poises to touch Rs 65,000 cr by 2024

Intro: Telangana govt has unlocked 1.32 lakh acres in Hyderabad By revoking 26-year-old government order GO-111, Hyderabad developers are eyeing a big boost for the real estate sector in the coming days. By revoking a 26-year-old government order GO-111 that prevented big constructions and industries in the 10-km radius of two Nizam-era water reservoirs, the Telangana government has unlocked as much as 1.32 lakh acres across 84 villages connecting Hyderabad for development. The two Nizam-era water reservoirs were Osman Sagar and Himayat Sagar, and their catchment on the city’s outskirts. This translates to as much as 538 sq km of land close to an ever-expanding urban agglomeration called Greater Hyderabad, which in itself is now spread across 650 sq km. President of the Telangana chapter of the Confederation of Real Estate Developers Associations of India (CREDAI), D Muralikrishna Reddy, told the media that the lifting of GO-111 is going to transform the lifestyle of the people of Hyderabad. There has been a demand for high-rise buildings, but since such vast land is now available, people are going to opt for villas or G+5 (five-storeyed) buildings. One could get anywhere between Rs 2 crore and Rs 10 crore per acre for land here at present. In 2-3 years, this will increase by 10 to 15 times, he said. V Rajasekhar Reddy, the general secretary of CREDAI’s Hyderabad chapter, told the media that an entirely new and environmentally friendly city could be developed here considering the ecological balance and showcased before the world. On Friday, at the launch of the 11th edition of the 3-day CREDAI Hyderabad Property Show, several industry representatives highlighted their willingness to be part of the development of sites under the erstwhile GO-111 areas. Municipal Administration and IT and Industries Minister K T Rama Rao, who participated as chief guest, said he would consider their suggestions and inputs during the procedure. KT Rama Rao announced that the state would unveil a new master plan for Hyderabad in the next 18 months, specifically with the scrapping of GO-111. Simultaneously, the state will prepare master plans for all 141 municipal corporations and municipalities before March 31, 2023. According to him, the construction sector need not have any market-related concerns for the next 10 or 15 years as opportunities were surplus. The minister was referring to the demand for housing that was expected to arise from employment produced by multinational companies setting up large campuses in Hyderabad. Recently, Google announced the installation of its 3.3 million sq ft campus in Hyderabad, its largest campus outside of the US. Amazon has already set up a 3 million sq ft campus in Hyderabad. Microsoft and Amazon are installing their data centres here. The government has also started working on the establishment of pharma city, electronics manufacturing cluster (EMC), industrial parks, logistics parks, and also the new IT parks in tier-2 cities. Image Source Also read: Indian real estate market poises to touch Rs 65,000 cr by 2024

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