Hyderabad’s real estate market is growing at a fast pace to recover from hard times. This is evident from the fact that several mega projects are being undertaken in the city by the Telangana Government. The numerous infrastructural developments will lead to significant employment opportunities, thus increasing the demand for commercial as well as residential spaces in different regions of Hyderabad.
Here is a rundown of four new projects in Hyderabad:
- Google Campus at Gachibowli: A MoU has been signed between Google and the Telangana government to set up the tech giant’s biggest office space at Gachibowli in Hyderabad. The Hyderabad campus will be Google’s first own office campus in Asia. According to the MoU, the campus will cover an area of two million square feet on 7.2 acres of land.
Google has invested Rs. 1,000 crore on this project and expects the campus to be functional by the year 2019. The project has been undertaken by Google after 12 months of thorough planning.
- Micromax Manufacturing Unit: Indian consumer electronics company Micromax had announced its decision of investing Rs. 500 crores for setting up its manufacturing plant in Hyderabad in June 2015. In the first phase of the project, the mobile manufacturing company has already invested more than Rs. 100 crores.
Micromax’s mobile manufacturing unit in Hyderabad inaugurated in April 2016 currently employs about 700 employees and intends to employ a total number of 1000 employees soon. This project is a part of the mobile manufacturing hub to be developed on 1,000 acres of land available in Electronic Manufacturing Cluster in Hyderabad. The proposed project will generate up to 2 lakh employment opportunities upon completion, thus increasing the demand for housing and office space in Tukkuguda, Hyderabad.
- Hyderabad Metro Rail: Larsen & Toubro has undertaken the initiative of developing the Rs. 16, 000 crore metro rail project in Hyderabad. The project that was initiated in 2011 is likely to be completed by December 2018. Moreover, the company is planning to undertake several projects to develop the 18.5 million square feet of available space around Hyderabad Metro in nine years. Larsen & Toubro also intends to utilise an area of 1 million square feet for building the biggest shopping mall in the city. Moreover, almost 2.5 million realty space has been allotted for constructing commercial space at the site.
- Pharma City at Mucherla: In June 2016, the Telangana government took the decision of acquiring 11 thousand acres of land at Mucherla in Hyderabad for establishing several pharmaceutical companies. The project also intends to construct top-notch road networks and treatment centres, along with strategic power and water infrastructure.
This is one of the most promising but the initiative will thrive only if the Telangana government succeeds to encourage Hyderabad-based pharmaceutical industries to relocate to Mucherla. This project will go a long way in developing the real estate market in Uppal, Balanagar, Bowrampet, Nacharam, Cherlapally, etc.
The presence of Fortune 500 companies and big corporate along with Hyderabad’s advanced infrastructural facilities have been attracting numerous outstation players to venture into Hyderabad’s real estate market for undertaking new projects in Hyderabad—both residential as well as commercial, thus, improving the city’s real estate scenario.