'RRR' will fuel real estate growth around Hyderabad: Vemula Prashanth Reddy

Hyderabad: . Apart from the existing Outer Ring Road (ORR), the construction of new ring road beyond 30 km will spur demandfor real estate in the peripheral areas of the city,said Vemula Prashanth Reddy, Minister for Roads and Buildings, Legislative Affairs and Housing, Telangana.

Speaking after the inauguration of CredaiHyderabad Property Show 2021here on Friday, he said that the State government is seriously working on the proposed RRR project. Though the Centre has to bear the total land allocation cost to a tune of Rs 3,000 crore, the State government agreed to provide 50 per cent of the land acquisition cost up to Rs 1,500 crore.

Prashanth Reddy lauded the efforts of State Municipal and Urban Development minister KT Rama Rao for initiating the Strategic Road Development Plan (SRDP) to provide hassle-free road corridors in the city. With this initiative, the GHMC could raise funds through municipal bonds to carry out all the works such as construction of flyovers, skyways, bridges, roads and junction improvements in the city. Already, various link roads connecting the ORR led to setting up of several large-scale and small scale industries. Such infrastructure developments have boost up housing requirements in the city outskirts. Once the RRR project is completed, sky is the limit for real estate sector in the city. The builders and developers can offer affordable properties for the next 20-30 years, the Minister informed.

Sustainability can be achieved only by delivering mid-size properties to the middle-class and below middle-class home buyers, he said asking the city-based realtors to maintain consistency in the pricing of the projects. He assured all support from government side to the builders who come up with affordable housing for the middle-class buyers.

"Real estate sector is growing in our State only because of the pro-active policies and schemes introduced by the government under the leadership of K Chandrashekar Rao. From past 4-5 years, the law and order situation and quality of governance in Telangana has improved a lot. That's the reason why IT and other industries are coming to Telangana and creating huge job opportunities in the State," he said.