Construction of flats is going on in full swing around the Rajiv Gandhi International Airport in Shamshabad. Though the prospect of a renewed agitation for Telangana had caused a slump in the realty market earlier, the recent bypoll results, which weakened the Telangana Rastra Samiti, has raised fresh hopes in builders and triggered frenetic activity.
At present, major construction work is going on in villages surrounding the international airport such as Bandlaguda, Gandhamguda, Peeram Cheruvu, Hydarsha Kota and Kismathpura. The government's launching the Outer Ring Road project has further fuelled real estate activity in these villages. Realty rates have nearly doubled in the last two years in these areas and more than 10 big residential projects involving nearly 2,000 flats are currently underway in Bandlaguda and Hydarsha Kota. Developers are taking up residential projects that suit all kinds of people in the villages between the airport and Gachibowli IT corridor.
Flats ranging from 800 square feet to 1,250 sq. ft. are being built by Giridhari Constructions, Theme Ambience, Star Construction and Systematic Constructions among others. Giridhari has taken up a massive residential project named ‘Executive Park' under which it is developing 518 flats ranging from 1,250 sq. ft. to 1,800 sq. ft. The Fort View project undertaken by Theme Ambience has 285 flats ranging from 1,170 sq. ft to 1,800 sq. ft. Other firms which are taking up residential projects are CMG Constructions, Chandra Constructions, Systematic Constructions and Star Constructions. All of their projects have 15 to 30 flats each. "Currently, we are developing 518 flats in 8.5 acres near Peeram Cheruvu," said Mr Indrasena Reddy, managing director of Giridhari Constructions.
"The project has evoked good response from buyers. We now plan to develop another 1,500 flats in 15 acres in the same locality." Apart from local firms, international property developer, PBEL Ltd, which is a joint venture of Israeli giants Property and Building Corporation (PBC), Electra Real Estate (ERE) and an Indian developer INCOR Infrastructure, are also taking up projects. "We are taking up a massive residential project in 25 acres near Andhra Pradesh Police Academy (APPA), which falls between Shamshabad airport and Gachibowli and construction works will commence soon," said Mr Anand Reddy, managing director of PBEL.
Another domestic realty major, ‘Unitech' is developing a project in nearly 150 acres between Shamshabad and APPA junction and Bangalore-based Prestige Group is building 90 luxury villas and 500 flats in the same locality. "The buyers are mostly employees and IT professionals,"
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