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BOOMING REAL ESTATE MARKET

Despite the looming threat of economic recession, Hyderabad continues to exhibit all the signs of a growing city,Boom time for real estate in Hyderabad according to a recent report by the Town and Country Planning Organisation (TCPO). It is the only city in India that has been registering a steady growth in land prices, in sharp contrast to the countrywide trend of falling real estate prices, over the past seven years. The TCPO is affiliated to the Union Urban Development Ministry.

The study entitled, 'Urban Residential Land Price Scenario - Hyderabad,' says that while almost all the metropolitan cities in the country witnessed an artificial boom in land prices touching abnormal heights in 1996, it is only in Hyderabad that the trend has continued. In all the other metros, land prices started levelling out in the post 1996 period. The study covering 74 localities of the city, 18 in east zone, six in north zone, 11 in south zone,15 in central zone and 24 in west zone was done to know the urban residential land prices in different areas between 1994 and 1999. It shows that the average value of the land in the city went up from Rs 2,047 per sq yd in 1994 to Rs 3,537 per sq yd in 1999. An increase of 72.8 percent. As compared to 1994, the increase in price has been moderate during 1997, 1998 and 1999 whereas such an increase has been sharp during 1995 and 1996.

Growing skyscrapers in the cityBased on the price behaviour in 74 localities of Hyderabad during 1994-1999, it is apparent that the prices tend to move towards stability. For instance, the price per sq yd was Rs 700-1500 in the LB Nagar area in 1994. This has gone up to Rs 1200-2400 in 1999, showing more than 80 percent increase in the property value. The areas that had better facilities coupled with potential for increase in the margin of profit registered an increase in the land prices, which went parallel to the speculative trend. For example, the central zone of Hyderabad followed by west zone command higher prices. North zone of the city is placed in the lowest price category. But, there has been an identical increase in the percentage of change in land prices across all zones, the report notes.

Growing skyscrapers in the cityGoing by the trend, the state government in its 'Vision 2020' document estimated that by the year 2020, the city would grow to more than three times its current size. As per the TCPO study, in 1999, in almost a third of the city, the market rate is higher than the rate fixed by the government. "Such a situation may occur given investment sentiments, public perception and future potential. These are the major contributory factors which go into the determination of price levels," the study says.

The situation is similar with respect to the demand for land in rent. The study of rental position in 1990 and 1999 in the 30 selected localities of the city, both commercial and residential, reveals that the demand for commercial space has been mind boggling. This reflects the spread of economic activities in the twin cites at an unprecedented speed, says the report.


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