There will be as many as nine major residential complexes that will be coming up in the area, building permission records of the GHMC show. And it’s not just residential spaces that have been given the go-ahead, the GHMC has granted permission for a mammoth high-rise over an area of 2.9 lakh square metres too. The permissions follow the conclusion of the Layout Regularisation Scheme and Building Penalisation Scheme (LRS and BPS) on March 31.
Speaking about the massive commercial complex set to come up, Devender Reddy , chief city planner, GHMC, said, “This building will have two towers with 21 floors, and five basements. It is to come up near Raidurg, Panmaktha. It is supposed to have a mall and other such facilities.” Besides this structure, eight major commercial projects got a nod from the town planning department, four of which fall in the Serilingampally circle. “While we were scrutinizing the applications that we received, roughly 40 per cent of applications were from the area (Serilingampally). Not just during the regularisation schemes, even on normal days we receive many building applications from here,” said Devender Reddy , adding, “Scores of colonies are mushrooming across this area.”
Urban planning experts link the housing boom in the area to the presence of leading IT companies in the vicinity. They say that while the area had been going through a slump, only now has it seen a turnaround with the flurry of IT companies setting up shop in the area. In fact, experts suggest that the area is currently among the most sought after realty destinations. Since the circle falls in the west-zone, the phrase, `west is best’ has been gaining traction.
“This area generates a lot of employment -close to two lakh jobs -and is no longer just a service hub. A diversified economy has led to a spurt in opportunities and pushing up the demand for both residential and commercial complexes,” Dasarath Reddy , president, Telangana Real-Estates Developers Association (TREDA), told TOI. He also cited other factors such as connectivity , good transport facilities and myriad options for the comfort-loving IT crowd, as reasons swaying demand. Experts suggest that once Metro Rail services start at Miyapur, which is just a stones throw away , realty in the area will get further impetus.
“This particular area seems to feel like home for many expats with the presence of numerous multinational brands here. It is slowly turning from being an IT hub to becoming residential hub as well,” Dasarath Reddy said.
Get more of real estate
Subscribe to our mailing list and get interesting real estate stuff updates to your email inbox.