Airport to Fillip Hyderabad Real Estate

By: George Gonigal

Built at a whopping cost of Rs 2,500 crore, the new International Airport will take Hyderabad in the league of Hong Kong, Singapore, and Kuala Lumpur. Spread in about 5,000 acre of land, the airport sports the longest runway in South East Asia and is said to be the first world-class airport of India. The high-capacity airport will make Hyderabad a cargo hub of the Asia.

Now that the airport will be fully operational from the first hours of March 17, the corporate world sees a fresh opportunities in global business arena. This facility can reinforce Hyderabad's claim as an international software centre and business conglomerates, who remain apprehensive over city's infrastructure, will gain confidence to invest in Hyderabad.

The real estate markets of Hyderabad are expected to take cue from this remarkable development. Prices of commercial and residential properties in Shamshabad, where the new airport is situated, started to escalate way back from 2003-04, when the GMR Limited was given the contract of developing the airport. The 'aerotropolis' concept further facilitates hotels, healthcare centres, residential campuses, and retail outlets right inside the airport zone.

This concept is currently operational only in Seoul, Munich and Hong Kong.

Besides, the Andhra Pradesh Government has made a Rs 27,000-crore game plan for the development of metro rail, flyovers, roads and other related infrastructure. Real estate developers and consultants in Hyderabad assert that property values in and around the project sites such as Shamshabad, Kothur and Mansanpally would go up substantially. 'Commercially, these areas make a viable proposition for shopping malls, and retail shopping complexes,' said Shauvik Sen, a property broker.

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