Hyderabad: Most of Minoabad can be tied by the rules ‘without construction’ in 111.
But for the past or two years, the area – 40 minutes drive from the Financial District – has turned into a realty hotspot.
The market shows the price of land, parallel, shots more than 50% to touch Rs 2 Crore per Acre (average) on average.
In shankerpally, the tariff is higher — anywhere between Rs 3 and 5 Crore per Acre.
The large enough part of this locality was also covered by GO 111.
When TII traveled through Minoabad and Shankerpally recently, found ‘plots for sale’ boards with generously seasoned around the villages, regardless of farmhouse, warehouse, and villas under construction.
Conversations with locals revealed that real estate activities have taken the extraordinary steps of the Covid-19 outbreak, with many of the rich Hyderabad people eyeing a larger house with a greener environment – far from the core city limits.
“We have closed around 100 transactions in the past year,” said the local broker, Mahinder, who followed in Himayat Nagar, Moinabad.
He seemed unaffected when asked about the legality of this transaction.
“Everyone buys here.
In fact, the village bylanes are clogged over the weekend with people drive to their homes in a luxury car, or visit prospective properties,” he added.
There are also those who buy land here but holding on to them in hopes of being dissolved, say locals.
“They will not advance with construction now but almost certainly that go 111 will be discarded,” said Burra Narsimha, a farmer.
A group of farmers, sitting, contributing with the same observation.
“It is good that the government does not allow the company to organize the store here.
They will pollute the area.
But what about these people who built houses.
Does go not valid for them,” asked Narasimhalu K 60 years who planted cotton to make a living .
Realtors say that the lack of monitoring by the authorities coupled with limited awareness of go 111 among buyers, is the reason that encourages the housing market here.
“Now with the land in the city of the core it becomes very expensive, plots in Minoabad and Shankerpally are sold like hot cakes.
Many medium segment realtors tell their clients that 10% construction is permitted even in the GO 111 area and mislead them,” said a real estate consultant.