Warangal is around 148 km from Hyderabad city, is gaining its momentum as a future investment destination for property buyers. The city is likely to emerge as the second capital of the state of Telangana. K T Rama Rao, The Minister for Industries, IT and Municipal Administration and Urban Development (MAUD), recently announced that the government would be assigning funds to develop Warangal on par with Hyderabad.
Development plans by the district administration and Greater Warangal Municipal Corporation (GWMC) funded by the capital support of Rs 5,000 crore for the next two years, Smart City plans, with an assessed fund of Rs 2,750 crore and a new Master Plan by March 2018, have been suggested.
Recently, the government, released the ‘Warangal Vision Document 2028′, is targeting to attract investments and increase economic activities, and employment, in IT, ITeS, hospitality and tourism sectors in the urban areas and food processing and textile in rural areas, which will surely affect the real estate industry as well.
A smart city
The urban group of Warangal is evolving at a rapid pace. The city effectively made it to the second list of proposed Smart Cities in 2016 and the implementation work will be managed by the Greater Warangal Smart City Corporation Limited.
The Greater Warangal Municipal Corporation and Kakatiya Urban Development Authority (KUDA) have major plans to develop the city with a focus on the needs for the next 50 years. This will comprise the development of mega townships, multi-level car parking projects, smart roads worth Rs 74.80 crore, rooftop solar project, a ropeway project and many other projects.
Infrastructure in Warangal
The National Highway-163 or Warangal-Hyderabad highway connects the city of Warangal to central and eastern Hyderabad. The development of this corridor is a huge driving factor for the growth of real estate market along the stretch.
Warangal is one of the major railway junctions in the country. Road transportation provided by the Telangana State Road Transport Corporation and private operators guarantee hassle-free traveling within the city.
To meet the civic infrastructure needs of the rising population, the Warangal Municipal Corporation will get assistance in the form of Rs 300 crore from the government.
The Telangana government has also sanctioned funds for road and infrastructure projects such as Rs 669 crore worth 69-km Warangal Outer Ring Road (ORR) that will boost the connectivity to the National Highways and smaller towns.
Education and job opportunities
Warangal has a flourishing economy and is known for its premier educational institutes such as NIT Warangal and Kakatiya University, bustling tourism sector and emerging industrial hubs such as the Mega Textiles Park.
It offers what other metro cities offer – a well-developed social infrastructure and a host of career and employment opportunities. Many educational institutions and information technology companies are seeing the city as a good alternative to Hyderabad and establishing their base in Warangal, a situation that will directly push the rental and housing demand in the city.
The state government is also aiming at encouraging investment in industries through special incentives and plans for decentralization of districts in terms of industrialization.
Properties in Warangal
Land prices have seen a rise in recent years along the emerging industrial corridor of Warangal – Hyderabad Highway and ORR. There are plenty options available for investment from residential to commercial spaces as well as plots.
Some popular localities in Warangal are Hanamkonda, Kazipet, Kothapet, and Subedari. Residential properties in Warangal have an average capital value of Rs 2,400 per square foot. Spacious homes ranging in size from 1,200 sqft to 1,500 sqft are priced within the price bracket of Rs 30 lakh to Rs 40 lakh.