Eliminating GO 111, the New Concrete Jungle for Realtors
Hyderabad: A new city will come up around GHMC soon. The scrapping of GO 111 is set to create a big land bank for commercial and domestic needs for the government as well as realty sector around GHMC. As many as 84 villages will be freed from land management restrictions for commercial needs. The government is expecting a huge revenue from the sale of lands located in these villages. It is anticipating a big surge in real estate business; the government will be able to generate at least Rs 50,000 crore through sale of lands during the current financial year.
The Revenue department has already identified about 30,000 acres of government land. Official sources said these have been identified in Moinabad (5,700 acres), Shamshabad (8,004 acres), Gandipet (1,800 acres), Shabad (626 acres) Shankarpally (780 acres) and Chevella (1,360 acres). The present land rate per acre ranges from Rs 50 lakh to Rs 70 lakh in the six mandals which are underGO. The land value is likely to go up to Rs 3 crore once the realty boom picks up in the areas. Land sales and property registrations in 84 villages will help boost the tax revenues.
Officials said land identification has been completed; development of land, mainly layouts, and the mandated civic amenities, like power supply and drinking water y network in vacant land needs to be developed. The government has already announced that the Hyderabad Metropolitan Development Authority rules will be applied in land developed in the villages where realty companies began purchasing land for ventures.
These companies will have to develop amenities as per HMDA rules to sell plots and to take up construction activity. The major challenge before the government is to conserve Osmansagar and Himayatsagar reservoirs and the peripheral areas to promote realty business. All 84 villages are very close to the IT hub which has been developed in the Gachibowli zone. A master plan will be developed to promote realty and also IT industry in business potential areas simultaneously, sources said.
