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Secunderabad: Owners of property in colonies under Secunderabad Cantonment Board (SCB) is keeping a close watch on any news regarding the merger of its civilian areas with the Greater Hyderabad Municipal Corporation (GHMC).
Though there is no confirmation yet, buzz in some sections is that the Ministry of Defense (MoD) may announce the merger in August. Any such announcement means that land rates, especially in the higher reaches of SCBs, are likely to move upwards.
TOI spoke to landowners in high-altitude areas like Mahendra Hills, Bowenpally, TrimulgherryAnd Pickett found that many people were willing to sell their land after the merger was approved.
The SCB currently allows G+2 structures, but after the merger, properties in the non-buffer zone are likely to have floor space index (FSI) similar to GHMC.
P Subramaniam, property owner and realtor in Mahendra Hills, said, “The SCB-GHMC merger will allow us to construct high-rise buildings for both residential and commercial purposes at par with the neighboring GHMC.” The cost of land in Mahendra Hills ranges between 50,000 to 70,000 per square yard.
Records show that there are 380 residential colonies in the SCB. Barring the Rasoolpura slum in Ward-2, seven other SCB wards share more than half a dozen posh localities.
Ward-3, which includes the factory, has upmarket areas like P&T Colony, AP Textbook Colony and AWHO Colony. Most of the property owners in AWHO Colony are retired defense officers.
Babu Rao, a resident of AWHO Colony for the last 30 years, said, “These colonies are decades old and more than three generations of families are living in them without any development.” “We expect the merger to enhance the value of the assets.”
Ward-4 (Bowenpally), the largest residential area of the cantonment, has prime areas like BHEL Colony, ICRISAT Colony, Park View, Tirumala Enclave, Avanti Enclave, Surya Enclave and Kaushalya Enclave, which can witness a rise in property transactions whenever . The merger has been announced.
However, an SCB official said that some restrictions, such as the requirement of no-objection certificate for obtaining approval for building construction in the buffer zone and height limits in areas near defense installations, would continue.
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