After square feet and square yards, 3-BR flats and triplex, now acreages have caught the fancy of property investors and real estate dealers.
The option of putting money into few acres of land in nearby districts has also attracted many who find investments in either plot, flat or house in the city or suburb beyond their reach.
As space options dry out fast in the city and its vicinity and prices soar beyond reach, both green fields and parched lands in surrounding districts have started drawing investors in big numbers. In widening circles, land is being acquired in bits and pieces by individual investors while property dealers continue to eye big chunks. Cars of all sizes roam the dusty tracks in search of good pieces of land that could fetch lucrative returns in days to come.The traffic is more on holidays and Sundays as keen investors, their profiles ranging from the IT crowd to retired Government servants, scout the tiny hamlets and also major towns.
The trend has caught up in a radius of 80 km to 150 km from the city and encompasses Siddipet, Chevella, Ghatkesar, Shankarpally, Zaheerabad, Sadashivpet, Mansanpally, Ramayampet, Sangareddy and so on.
The option of putting money into few acres of land in nearby districts has also attracted many who find investments in either plot, flat or house in the city or suburb beyond their reach. Though the appreciation might be slow, the main driving force behind the trend appears to be the confidence that the growth which changed the city suburbs would continue to expand, encompassing the surrounding districts.
Sensing the mood, property dealers and developers too have begun to acquire land in these places and are either holding it or are in the stages of developing the same as farm house sites or plots.
For the developers too, it came as a boon for they either were constrained by lack of land availability or found it hard to raise big money to buy space in the city for ventures. In the last one year, prices of land in parts of surrounding districts that have direct access from the city have gone up.
Based on distance from the city, connectivity from main highway, internal access and proximity to a major project or development centre, the present prices range from Rs.75,000 to Rs.1.50 lakh per acre. That being beyond the 100 km radius, those closer to the city come in a price range of Rs.3 lakhs to up to Rs.10 lakhs.
Source:T. LALITH SINGH, The Hindu
