The city of Hyderabad is set to see a lot of new development, thanks to the scrapping of GO 111. This decision will release 84 villages from land management restrictions, which is great news for the real estate industry. These villages will be used for both commercial and domestic purposes, and the government is expecting to generate Rs 50,000 crore through the sale of lands during the current financial year. The Revenue department has already identified about 30,000 acres of government land in various mandals, and 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 these villages will also help boost tax revenues. The government has completed land identification and will now focus on developing the land, mainly layouts, and the mandated civic amenities such as power supply and drinking water networks. The Hyderabad Metropolitan Development Authority rules will be applied in these villages where realty companies began purchasing land for ventures. These companies will have to develop amenities as per HMDA rules to sell plots and take up construction activity. However, the major challenge for 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. Officials said that the scrapping of GO 111 is set to create a big land bank for commercial and domestic needs around GHMC, which will lead to a surge in real estate business.
