Andhra Pradesh - Hyderabad

ORR: agonising wait for realtors

— A FILE PHOTO

SLOW PROGRESS: Real estate business ends up in a limbo following delay in the first phase of the ORR project.

HYDERABAD: The rings of confusion created by delays in execution of the first phase of the Outer Ring Road appears to have ended up denting the morale of an otherwise booming real estate. A lot is on stake for the developers from different parts of the country and having bought large parcels of land in locations around the stretch, it is an agonising wait for them to see their projects fructify.

Lagging behind the original deadline by months and working with a new deadline of November 14, the first phase by not shaping in time is delaying the expected real estate activity growth in these parts. The multi-faceted development expecting to happen here is not only with regard to residential units but also in terms of Information Technology campuses and SEZs.

Since the day the project was conceptualised and made public, developers realised the potential for growth along its corridor and vast land tracts were acquired at huge investments.

A rough estimate put the land so acquired for development at more than 2,460 acres around the areas primarily falling in the ORR first phase zone.

Industry observers point that several thousand crore rupees have gone as investments with the hope that the stretch will be ready by December last year as promised by the erstwhile Hyderabad Urban Development Authority (HUDA).

“Some delays were anticipated but the way the whole project is getting dragged leave us worried,” says a builder who is waiting to launch his project here.

“A broad calculation that we worked out shows that more than Rs.45, 000 crore have already been invested for projects awaiting the ORR,” he adds. Some of the major developments here include a couple of SEZs apart from campuses of Wipro Technologies at Manikonda, CMC Synergy Park at Gachibowli, Cognizant Technologies at Adibatla.

The other projects include those of Divya Sree NSL Infrastructure at Raidurg, Lanco Hills Technology Park at Manikonda, Mahaveer Skyscrapers at Chevella and Emaar Hills Township at Manikonda.

Locations such as Nanakramguda, Gachibowli and Shaikpet have projects too from leading developers such as Jayabheri Properties, K.Raheja Universal and Brahmani Infratech.

A few skyscrapers too are either under construction or proposed in the belt and these include ICICI Towers, PBEL City and Alien Space Station.

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