Hyderabad Metro To Impact Raidurg Property Market
Residents of Hyderabad have another reason to cheer. The newly operational Metro line will now be extended to the IT hub of Raidurg, one of the most sought-after property markets in the city. According to media reports, the Hyderabad Metro rail's Line-III that connects Nagole to Shilparamam will now terminate at Raidurg. The Andhra Pradesh government has allotted 15-acre land to the Metro Rail Corporation for developing parking and circulation area for the station. With this fresh development, the terminal station at Shilparamam has been shelved as the site was found to be on a lake bed.
While the Hitec City stretch will be operational by June 2018, the extra 1.5 km stretch on Corridor III — Nagole to Shilparmamam/Raidurg, will be completed by November 2019.
Locating Raidurg
Raidurg is located in west Hyderabad and is a part of the IT corridor that also includes Hitec City and Gachibowli. The area is also in proximity to Nehru Outer Ring Road which enables its direct connectivity to the international airport in Shamshabad and other areas in the south and the east of the city. Raidurg gained popularity for its strategic location and its proximity to the Old Mumbai Highway, which serves as a lifeline to the Hyderabad city. Since these localities share a common neighbourhood with popular IT areas, it is a prominent employment hub for the IT people and attractive proposition for commercial leasing as several new IT parks are under construction. Recently, an acre of land in Raidurg, which is part of IT corridor, fetched an astonishing Rs 42.60 crore in the e-auction. The government had put up six plots, measuring 15 acres, for sale in the auction, all located in the IT corridor.
Raidurg real estate market
Raidurg is a booming IT hub where commercial leasing would get a boost with the coming of the Metro. The immediate neighborhood of the area that has residential properties to offer would command a premium owing to the development. Journalist Colony, Prashant Hills, Prashasan Nagar, Chitrapur Colony are some of the old areas here.
Shaikpet is one of the neighbouring areas that have new properties to offer. Several prominent developers are coming up with projects in the area. At present, there are 27 projects in the area out of which 20 are ready to move while others are under construction. Developers such as Salarpuria, Aarohan, Aditya Constructions, Aparna Constructions are active in the area. The property prices in the area have undergone massive hike in past few years. According to the Proptiger.com data, the prices jumped by 35 per cent in past 55 months. Currently, the property prices here range between Rs 5,000-6,000 per sqft and are expected to move upwards as the Metro construction work speeds up. For now, a 2BHK apartment is available at an average price of Rs 58 lakh, 3BHK for Rs 1.11 crore and 4BHK for Rs 1.79 crore.