The past few years saw a major surge in the growth of IT/ITes, banking, and finance industries in Telangana. With major development programs at the ‘Hyderabad-Vijayawada’ highway, the government is working on policies that will not only elevate the city as a prime digital hub but also create the ‘Next Gachibowli.’ With the GRID (Growth in Dispersion) policy announced recently, commercial development in several parts of the city has advanced. All these initiatives resulted in massive growth in the real estate sector.
But, why do we need another Gachibowli, you may ask us. So, here’s why the Telangana government is implementing policies to develop the rest of Hyderabad in a similar way. With IT and BPO exports, the state’s information technology industry achieved nearly 1.18 lakh crores in 2019-20. This range of commercial success also resulted in residential spaces too – housing complexes, gated communities, and huge buildings came into existence. But, all of this development has been restricted to just a few areas and not the whole of the city. So, this kind of IT takeover obviously resulted in population growth and traffic jams. The idea was to reduce pressure on traffic and residential infrastructure in one part of the city by dispersing the offices in different parts of the city.
To push a high standard of progress in the Hyderabad-Vijayawada highway and other parts of the city, the GRID policy is encouraging developers to build IT parks, shopping malls, restaurants, and residential areas in all the corners of Hyderabad. The Minister of Municipal Administration and Urban Development of Telangana (MA&UD), KTR, spoke to the media and announced that people who are contributing to the government’s new development policies would be provided with absolute support. The list includes IT firms, hotel operators, and also retailers.
So, what would the benefits include? Here is a breakdown for you:
The State government will release an estimated amount of nearly 66.75 crores over the next 10 years, in order to work towards incentives under the Grid policy. The IT and ITeS companies setting up their units in these areas will get power at just Rs 2 per unit subsidy. They will also get a 30% subsidy against the lease, which does not exceed 10 lakh per annum. The government also announced that special incentive packages will be provided to companies, which will provide more than 500 jobs. They will also invite bids to improve infrastructure and create a better ecosystem for the Hyderabad-Vijayawada highway area.
Will there be a boom in real estate too?
The GRID policy rolled out by the state government is definitely paying off. The influx of new businesses is driving up demand for real estate and has led to a rise in the development of residences. As the city is poised for continued growth, and with ample space available for physical infrastructure, several real estate players are laying foundations for residential developments.