Major projects to boost Hyderabad realty sector
With many landmark projects coming up in the city in the near future, the real estate sector of Hyderabad is set to get a major fillip. At least three major projects are on the anvil in the vicinity of the financial capital, Gachibowli. They include the backup headquarters building of the Bombay Stock Exchange (BSE), the 100-storey business center building of Reliance Infrastructure and the permanent office building of the Insurance Regulatory and Development Authority (IRDA).
Metro Rail, ITIR and ORR projects to add impetus:
Besides these projects, there are other major projects as well that are set to make Hyderabad a sought-after realty destination. They include the Hyderabad Metro Rail project, the Information Technology Investment Region (ITIR) project and the Outer Ring Road project. All these projects together, once operational, will elevate the status of Hyderabad to that of a global city.
Advantages of Hyderabad as an investment destination:
There is generally a positive investment climate in Hyderabad compared to many other cities. Some of the advantages that the city has compared to other cities in India are its pleasant weather, the low cost of living, presence of people belonging to various communities and states, and the fact that Hindi is given prominence as a common language.
BSE headquarters in Gachibowli:
The proposed BSE headquarters in Gachibowli bears a striking resemblance to its national headquartesrs in Mumbai. According to the CEO of BSE, the stock market operations as well as transactions of the BSE will be shuffled between the headquarters in Mumbai and Hyderabad. This activity will be monitored by the Securities and Exchange Board of India (SEBI). The proposed facility is estimated to cost Rs.300 crore, and will also serve as a data recovery unit in case of any eventuality. It is expected that the building will become operational by the end of 2014.
100-storey Business tower by Reliance Infrastructure:
Another major project that is set to come up at Gachibowli is the proposed 100-storey business tower by Reliance Infrastructure. The project that was proposed in 2007 was shelved due to the changed economic climate. However, it was revived following the re-submission of the proposal by Reliance with minor changes. According to the Andhra Pradesh Industrial Infrastructure Corporation (APIIC), the project is currently under active consideration to be constructed at Manchirevula near Gachibowli, at an estimated cost of Rs.8000 crore. The permanent office of the IRDA is another major project that is under construction in Gachibowli. All these projects when operational will enhance the status of Hyderabad as a business hub and investment destination.
