- Government identifies 650 acres to set up IT hub at Kolluru
- The potential is to employ over 10 lakh
Hyderabad: People should not think that an IT hub is coming up at Kolluru. There is no Alladdin Magic Lamp to create wonders in a jiffy. The news about establishing an IT hub at Kolluru is being circulated only to jump the land prices in the region artificially.
What happened to the much-promised IT Park in Budvel? The park did not materialise, but the land values have been jacked up.Till the announcement of the IT Park, 2BHK flats were sold between Rs 40 lakh and Rs 50 lakh in Budvel and surrounding areas. With the artificial increase in land prices, the middle classes are not able to buy a flat in Budvel and its vicinity.
No wonder the same situation happens in Kolluru too.
During the regime of Dr YS Rajasekhara Reddy as the Chief Minister, he allocated 400 acres to Tishman Speyer, a US-based reality firm. The firm paid the cost of the land then to HUDA. The project did not materialise due to economic recession. The fate of 400 acres was not known even after elapsing a decade since then.
None knows what happened to allocation of only 100 acres instead of 400 acres for the amount paid by the firm to HUDA. The land was allotted to the firm when Jayesh Ranjan was the HUDA vice-chairman. Currently, he is the Principal Secretary to the Department of IT. The Minister for IT is KTR. Solving the Tellapur land problem is not a big deal for the government. If a solution is found, it resolves a decade old problem.
Beware of developers increasing site cost!
None has any doubt about the development of the Kolluru region in future. But, the conditions are not suitable for people to live there. There were no roads, drainage, hospitals, super markets, shopping complexes, restaurants and so on. That is why the land cost is somewhat affordable there.
The government proposing to set up an IT hub there is big news for UDS companies and real estate agents. They will cash in on the news and increase land costs. In fact, they will increase the cost now which otherwise would have increased after a decade. The reality market would be put in a limbo.
The same technique was adopted to jack up real estate prices in Maheshwaram, Pocharam, Budwel, Kompally, Sultanpur and so on. The real estate agencies and reality agents destroyed the market totally. Therefore, the customers should think about the land prices again and again before taking a decision to buy land there.
