Realty Set For Good Times As Secunderabad’s Cantonment Road Reopens
In Secunderabad, the re-opening of the Cantonment Road is expected to give a much-awaited push to real estate in this micro-market. With housing units commanding anywhere between Rs 2,000-3,000 per square foot (sqft) , prices may see an upward growth soon enough.
Background
Starting May 31, 2017, Gough Road, popularly known as the Cantonment Road was closed for general public except for emergency vehicles. This was the High Court’s (HC) order. Soon after, residents in the vicinity started protesting given that it made their commute longer by seven kilometres everytime. On May 21 this year, the Defence Ministry took a decision to reverse the HC’s order. Now, traffic would be allowed and the situation would be reviewed. This has brought about a huge relief to residents nearby although the army has maintained that the roads were closed only to ascertain security.
Making the best
Real estate is set to see better days and this is the indirect outcome of the roads being thrown open for public. Areas around the Cantonment are generally better maintained and safer and now new housing units, around 2,000 residential units are sprouting up in Yapral in the next one and a half years. Some residential developments may be completed within this year and this suggests the confidence that stakeholders are vesting in the area. Cost of non-plotted developments are also being pegged at Rs 3,000-10,000 per square yard (sqyd) and this is an opportunity for investors given that rates in AS Rao Nagar for similar developments are in the range of Rs 70,000 to Rs 1 lakh per sqyd. As if the developers have already studied the pulse of the market, gated communities wherein units could command as much as Rs 4,000 per sqft are expected to surface soon.
Talking commerce
When residential real estate could see better days, the area around Cantonment Road could work out to be good for commercial real estate and AS Rao Nagar is an example to quote here. Commercial realty is quoted at Rs 7,000 to 8,000 per sqft and leading brands have opted for this stretch. Putting two and two together, it is clear that given that Cantonment Road is just about five km from AS Rao Nagar and other developed pockets, given the price advantage, real estate is bound for a boost.