DEVELOPMENT OF RRR AND ITS IMPACT ON THE REALTY SECTOR
When Hyderabad’s Outer Ring Road was announced, real estate enjoyed a great boost in demand with the land prices in the surrounding regions and connecting towns skyrocketing in a very short time. With multinational organizations and renowned companies coming forward to invest in the government-proposed industrial parks such as Pharma City, these prices are only bound to get higher. But that’s not the end of it!
The proposed Regional Ring Road (RRR) by the government is all set to further strengthen the real estate demand around Hyderabad city and the connecting towns. With the Telangana government focusing not just on the development of the road but also the infrastructure and facilities for its citizens in addition to the progress and growth of several localities along the proposed route, The realty sector has already started gaining investors for the nearby areas.
THE REGIONAL RING ROAD AT A GLANCE
• 330+ km of 6-lane road at a stretch.
• More than Rs. 11,000 Cr budget
• Connecting some major towns and villages in Rangareddy, Bhuvanagiri, Siddipet, and Sangareddi districts.
• Linking some of the major national highways such as NH 65, NH 44, NH 163, NH 765.
THE RRR EFFECT
With the regional ring road all set to connect as many as 120+ villages along the way, the government has directed its focus on providing a wide range of amenities and developing infrastructure at par with the international standards
en route. These include parks, malls, drinking water facilities, food courts, and many more!
The development of the areas involved will drive the growth of several of satellite cities and self-sustainable townships that enjoy smooth connectivity to Hyderabad as well as other major areas of the state. The proposal of RRR has also been attracting multiple organizations to establish their presence in the surrounding areas which will improve job opportunities which will further drive the socio-economic development of the localities including the villages nearby.
THE REAL ESTATE IMPACT BETWEEN RRR AND ORR
Roads and Buildings Minister Vemula Prashanth Reddy recently mentioned that the development of RRR would propel the real estate industry by 20 to 30 years into the future. To quote him, “Once the RRR is developed, the sky will be the
limit for the real estate industry,” he said, emphasizing the fact that CM KCR is committed to accomplishing the project at the earliest.
The RRR is all set to act as a catalyst for real estate growth in the areas of its vicinity. Especially, the villages and towns between the Outer Ring Road and Regional Ring Road are sure to attract a great number of investors in the realty market. The recent market stats have shown an upward trend in the demand for the lands in locations towards Yacharam, Ibrahimpatnam, Choutuppal etc. Major players in the realty sector have started taking this opportunity to develop plots and establish affordable housing projects which will soon enjoy great price