In the midst of the second wave of the Covid-19 pandemic, the real estate sector in Hyderabad has received some good news. IRA Realty Tech Pvt Ltd., the municipality of the capital of Shamshabad, and a group of High Net Worth (HNI) individuals have come together to develop an integrated township project in Shamshabad. The deal was negotiated by Jones Lang LaSalle — a leading property consulting firm (JLL). 

Large Township Project to Come Up at Shamshabad 

Discussing the project that is estimated to cost anywhere between Rs 1,500 to Rs 2,000 crore and is expected to spread over 150 acres, Narsi Reddy, IRA Realty's Chairman and Manager informed that, the township is going to include affordable housing (subject to Rs 45 lakh to Rs 50 lakh range), high-end villas (subject to Rs 2.5 crore), an international school, a hospital and a business centre. The application for permissions has been sent and in the next few weeks, the project is expected to be completed. 

The school will begin operations by the next academic year, while the villas will be ready in three years' time. It is expected that there will be 18 months' time for the basic infrastructure to develop. The project is expected to have great potential in the area and can generate a valuation to the tune of Rs 1,000 crore. 

Shamshabad has experienced not just a significant growth for end-user requirements but also an increase in developers' interest since 2018, says Sandip Patnaik, Managing Director and Head of JLL (Telangana and Andhra Pradesh). The residential and plot development projects of Shamshabad have undergone major upgrades in the last two years. 

In Q1 (January to March) 2021, residential sales recovered to over 90% of the volumes recorded in Q1 of 2020 (pre-Covid) in the top seven municipalities, according to the JLL Q1 report. The Hyderabad residential market, in particular, recorded over 60% of sales during the quarter in the Gachibowli-Manikonda-Kukatpally zone.