Most of the government lands which are marked as ‘no construction’ as per GO#111 are turned into hot real estate destinations in the state of Telangana.
Most of Moinabad could be bound by the ‘no-construction’ rule of GO 111 in Ranga Reddy district. Yet over the last year or two, the area – a 40-minute drive from the financial district in Hyderabad -– has turned into a realty hotspot.
Markets indicate land prices have, parallelly, shot by over 50% to touch Rs 2 crore per acre (approx) on an average. In Shankerpally, the rates are higher — anywhere between Rs 3 and 5 crore per acre. A sizeable part of this locality too is covered by GO 111.
When #KhabarLive travelled through Moinabad and Shankerpally aread recently, it found ‘plots for sale’ boards generously peppered across its villages, apart from under-construction farmhouses, warehouses and villas.
Conversations with locals revealed that real estate activity has picked up tremendous pace post Covid outbreak, with many among Hyderabad’s rich eyeing bigger homes with greener surroundings – far from the core city limits.
“We have closed about 100 deals in the last one year,” said local realtor, Mahinder Reddy, who #KhabarLive caught up with in Himayat Nagar village at Moinabad Mandal in Telangana. He seemed unfazed when questioned about the legality of these transactions.
“Everybody is buying here. In fact, the village bylanes get clogged over the weekend with people either driving to their homes in luxury cars, or visiting a prospective property,” he added.
There are also those who’ve bought land here but are holding onto to them in hope of the GO being dissolved, say locals. “They are not going ahead with with construction now but are almost certain that GO 111 will be scrapped soon,” said Burra Narsimha, an agriculturalist.
A group of farmers, sitting around, chipped in with similar observations. “It is good that the government is not allowing companies to set shop here. They would pollute the area.
But what about these people who are building homes. Is the GO not applicable to them,” asked 60-year-old Narasimhalu who grows cotton to make a living.
Realtors say that the lack of monitoring by authorities coupled with limited awareness about GO 111 among buyers, are reasons driving the residential market here.
“Now with land in the core city becoming very expensive, plots in Moinabad and Shankerpally are selling like hot cake. Many mid-segment realtors tell their clients that 10% construction is allowed even on GO 111 area and mislead them,” said a real estate consultant. #KhabarLive #hydnews