Transformations at the urban periphery of Hyderabad: thrust on real estate

Abstract

Over the last two decades, real estate sector in India has seen tremendous development. The peripheral areas of metro cities have become an attractive location for developers. A major reason for such is availability of large parcels of lands and also the willingness of the landowners to sell it to the real estate developers. The peripheral areas are also usually outside the municipal boundaries and hence certain laws and taxes are not applicable giving a flexible and free environment to the developers. Real estate development is largely responsible for changing and impacting the character of the city periphery. The study aims to understand the pattern of real estate development and its impact on the periphery of Hyderabad and develop appropriateC interventions. In order to achieve this aim, the study is divided into several sub components. Initially the character of the periphery is studied in terms of population, density, built form, jurisdiction of development authorities, surrounding urban local bodies, presence of real estate, and applicable bye laws. Spatially, the periphery of the city is divided into eight different corridors in the cardinal directions such as North, North East, East, South, South East etc. along and around the radial roads emerging from the city. These corridors are mapped based on the different parameters mentioned before to analyse the relationship between real estate and character of periphery using correlation analysis. The corridors are ranked based on the mapping and correlation in order of highest real estate development to the least to identify significant factors affecting real estate and identify future directions of development. Further analysis involved documenting the physical environment in selected site areas and analysisng stakeholders’ perceptions on various aspects of liveability, real estate pricing, access to livelihoods etc. Areas having established presence of real estate were then analysed to establish the impact of selected factors such as distance to CBD, distance from Metro station, proximity to SEZs, prevailing circle rates, proposed land use etc. on current residential prices, using regression analysis. The results of the regression analysis aim to identify significant factors impacting real estate development and pricing in the periphery of Hyderabad. Interpretation of all these findings are used in determining appropriate policy interventions and regulatory frameworks to be enforced in order to ensure equitable development in the remaining upcoming areas, leveraging on the merits of real estate development to all stakeholders concerned.