The MMTS effect on Tellapur properties
Property prices in Tellapur, a neighbourhood which is an hour and quarter away from Hyderabad (via the Old Mumbai Highway), are likely to go up further once the second phase of Multi Modal Transport System (MMTS) is completed. The MMTS, the suburban railway in Hyderabad, is a joint partnership between the government of Telangana and the South Central Railway. Its first phase covers a distance of 43 km and connects Secunderabad, Nampally, Dabirpura, Malkapet, Hitech City and Lingampally. In the second phase it will link Lingampally with Tellapur. The distance between Tellapur and Lingampally is 8 km.
Tellapur is close to the Mumbai Highway and on the cards are plans for a radial road which will connect to the Outer Radial Road (ORR). This will reduce travel time to the Rajiv Gandhi International Airport at Shamshabad. The actual distance is 37.7 km which can be covered in 49 minutes. This is a major plus for young professionals who need easy access to both domestic and international airports.
What is happening in Tellapur
Tellapur used be one of the rural outposts of Hyderabad which is being urbanized fast. This area is located near the hubs of Information Technology (IT) such as Madhapur and Gachibowli. Many of the IT majors such as Infosys, Wipro and Microsoft have set up base here, making Tellapur the choice destination for IT professionals.
Besides its proximity to Gachibowli, Madhapur and Lingampally, Tellapur is also close to the Hyderabad Central University and the Bharat Heavy Electrics Ltd Township. One of the advantages of being close to prestigious institutions and IT hubs is that the return on investment would appreciate. There would be a greater demand for rentals in this locality as more people from other states would want to rent places closer to their place of work rather than commute.
Research shows the property prices in Tellapur had recorded increases in 2012 and 2013. This coincides with the interest shown by many developers who realized that Tellapur would be the next area to grow after prices in Gachibowli and Madhapur started going up. Many multistoried apartment complexes as well as villas have come up in Tellapur.
Who is buying in Tellapur
The demand for homes is coming from both end users and investors. End users are buying homes in Tellapur because it would be closer to work, reduced commute time and better quality of life. The social infrastructure in Tellapur is also being developed. There are schools, hospitals, restaurants and banks in the locality.
People buying homes in Tellapur should also be discerning and check out the credentials of the developers. In recent times, one of the biggest real estate scams was at the Tellapur based Aliens Space Station I project. The promoters have been accused of not handing over the completed flats to the buyers; who in turn have filed police complaints. Many people who invested in this project have been IT professionals and non resident Indians.
Hyderabad real estate is slowly moving out of the hiatus it went into in the recent past because of the turmoil caused by the bifurcation of the state. There are many efforts to kick start the economy and the construction industry as well.
The governments of both Telangana and Andhra Pradesh have sought special development packages from the central government. So under the Andhra Pradesh Reorganization Act 2014, the Centre has decided to grant a 15% additional depreciation on new plant and machinery in the first year of installation, for manufacturing industries which are set up in backward areas. The government has announced a number of tax concessions including one for stamp duty.
There is also a concerted effort to woo the manufacturing sector back to the state. In recent times, Telangana lost out to Pune, Chennai and Bangalore. However, some time back Johnson &Johnson and P&G set up large scale manufacturing in Hyderabad, which has given a major thrust to the job market. This, as well as the Amazon announcement to open a 2.8 lakh sq ft fulfillment centre on the outskirts of Hyderabad, has given the Hyderabad real estate market a major boost.
Nina Varghese for IndiaProperty.com
Image: “Gachibowli hyd” by Cephas 405 at en.wikipedia. Licensed under CC BY-SA 3.0 via Commons – https://commons.wikimedia.org/wiki/File:Gachibowli_hyd.jpg#/media/File:Gachibowli_hyd.jpg