Motive could be property, family brought killer
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Faridabad
News: Hyderabad may now be the country's second
largest city. But the city's big growth could actually
mean property prices falling, reports CNBC-TV18. The
Municipal Corporation of Hyderabad is now 450 sq km
larger, second only to the National Capital Region
(NCR). The additional areas will have all
infrastructure and basic amenities that the center of
the city enjoys. The project will require a total
investment of Rs 28,000 crore from the government.
Officials said the new supply would cause prices of
residential property in the city to fall.
Jayesh Canjan, Vice-Chairman of Huda said, “Property
developers will be able to open up many more areas for
residential purposes and the availability of housing
in terms of supply will go up and because of that the
prices will come down."
Hyderabad has seen an increase of % over the last two
years because of the large gap between demand and
supply of residential property. Real estate
consultants expect the fresh land supply coupled with
rising interest rates to lead to a 15% correction in
property prices
Besides this, the Hyderabad urban development
jurisdiction has been increased from 2,000 to 6,000 sq
km and the authority is doubling its expenditure to Rs
2,000 crore a year to develop the area.
“We will announce a number of projects like new
townships, as well as specialised area developments
like medical tourism areas, eco tourism, health city,
pharma city and so on," Canjan said.
Over the last year, the local Government has been
accused of driving up real estate prices in the city
unnaturally through highly priced land auctions with a
huge amount of land set to hit the market all that
could change, leaving consumers happy.
