Property Transactions May See Spike After Scb Merger, Real Estate News, ET RealEstate

July 10, 2023

SECUNDERABAD: Property owners in colonies under Secunderabad Cantonment Board (SCB) are keeping a keen eye on any news about merger of its civilian areas with Greater Hyderabad Municipal Corporation (GHMC).

Though there is no confirmation yet, there are talks in some sections that the ministry of defence (MoD) may announce the merger in August. Any such announcement means land rates, especially in upscale areas of SCB, may see an upward tick.

TOI spoke to landowners in upscale areas such as Mahendra Hills, Bowenpally, Trimulgherry, and Picket and found many are willing to sell their land once merger is approved.

The SCB currently permits G+2 structures, but after the merger, properties in non-buffer zones are likely to have the same Floor Space Index (FSI) as the ones in GHMC.

“The SCB-GHMC merger will allow us to construct high-rises for both residential and commercial purposes, similar to the neighbouring GHMC,” said P Subramanyam, a property owner and realtor in Mahendra Hills. The cost of land in Mahendra Hills ranges between 50,000 and 70,000 per square yard.

Records show there are 380 residential colonies in SCB . Except for the Rasoolpura slum in Ward-2, the seven other SCB wards share over half a dozen posh areas.

Ward-3, which covers Karkhana, has upscale areas such as P&T Colony, AP Textbook Colony and AWHO Colony. Most property owners in AWHO Colony are retired defence officials.

“These colonies are decades old and have seen families residing for over three generations without much development,” said Babu Rao, AWHO Colony resident for the past 30 years. “We hope the merger raises property value.”

The largest residential area in Cantonment, Ward-4 (Bowenpally), has prime areas such as BHEL Colony, ICRISAT Colony, Park View, Tirumala Enclave, Avanti Enclave, Surya Enclave, and Kausalya Enclave, which could see a rise in property transaction whenever merger is announced.

However, an SCB official said certain restrictions, such as the requirement of no-objection certificate to obtain building approval in buffer zones and height limitations in areas near defence establishments, will continue.

  • Published On Jul 10, 2023 at 11:00 AM IST

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