Hyderabad Real Estate Poised for Growth with Metro Rail Development
Hyderabad's real estate sector is experiencing rapid development, and the new Metro Rail plan promises to further accelerate this growth by enhancing the city's transit system and driving demand for transit-oriented residences.
N.V.S. Reddy, Managing Director of Hyderabad Metro Rail (HMR), noted that cities often undergo transformations as they adapt to mass transit systems, leading to shifts in property values within these evolving urban landscapes.
Speaking at the "Real Estate: Accelerating the Growth Story" conference, held in conjunction with the APREDA Property Show-2012, Mr. Reddy expressed optimism about the positive impact of the Hyderabad Metro Rail on the local real estate market. The APREDA Property Show-2012, organized by the Andhra Pradesh Real Estate Developers’ Association, highlighted the growing trend of transit-oriented development within Hyderabad.
Metro Rail to Spur Development in Eastern Hyderabad
The proposed metro rail is expected to significantly boost real estate activity in the eastern parts of Hyderabad. Addressing the conference and the Hyderabad real estate property expo, Neerabh Kumar Prasad, Commissioner of the Hyderabad Metropolitan Development Authority (HMDA), encouraged developers to prioritize the construction of affordable housing.
He emphasized the substantial demand for budget-friendly homes priced below Rs. 20 lakhs and stressed the importance of reducing land costs to achieve this goal. Mr. Prasad also spoke about offering special incentives for high-rise, transit-oriented developments. He explained that both HMDA and HMR are actively pursuing the Transit Oriented Development (TOD) concept.
Transit Oriented Development: A Focus for Future Growth
Under the TOD concept, designated areas around each metro station will be formally identified. As the metro rail project progresses, the area along the Outer Ring Road is anticipated to emerge as prime real estate. HMDA Commissioner Prasad confirmed the Authority's commitment to supporting infrastructure development as a means of increasing housing supply and moderating prices.
Addressing Challenges and Future Outlook
Recognizing the influence of the current political climate on Hyderabad's real estate sector, Anuj Puri of Jones Lang LaSalle advocated for the development of Tier-II cities to alleviate the strain on Hyderabad. The Hindu reported a strong turnout at the property show, with significant buyer interest. This high level of engagement has provided developers with renewed optimism for the future of Hyderabad's real estate market.
The success of the property expo in attracting potential homebuyers sets a positive tone for the industry. All eyes are now on the transformative potential of the metro rail and its ability to propel Hyderabad's real estate market to new heights.