Rangareddy: Uncertainty looms over real estate market near proposed Pharma City

Rangareddy: The real estate market around the proposed pharma city at Mucherla village along the Srisailam Highway has hit a standstill as buying and selling of lands has almost stopped. Just six months earlier, there was huge demand in this area for lands as the proposed project brought enthusiasm. However, the recent stagnation is due to the unclear demarcation of the ‘buffer zone’ around the pharma city. According to sources, there is a proposal to have a buffer zone of seven kilometres from the survey numbers specified for setting up the pharma city, but there is confusion in setting up buffer zones within three or five kilometres. Until the government finalises the buffer zone limits, the real estate business in the region will continue to stagnate.

Exclusive Podcast in Bizz Buzz: C Shekar Reddy on the Impact of Sustainable Development in Real Estate

The Hyderabad Metropolitan Development Authority (HMDA) had earlier banned layouts, buildings, and warehouses within a radius of seven kilometres around the pharma city in parts of Kandukur, Yacharam, and Kadthal mandals of Rangareddy district. With that, thousands of acres of sale of land had stagnated, and even those interested in buying acres of land are waiting for clarification on the buffer zone. Residential layouts cannot be laid in the buffer zone, and only industries and warehouses are allowed. As a result, such lands do not have a high rate compared to residential layouts. Those who have already bought land are anxious if their land is within the buffer zone or outside. Most of them are confident that the government will limit the buffer zone to three kilometres, but they are still waiting for further clarification from the government.

The government is considering acquiring more than 2,000 to 3,000 acres of land from farmers for the buffer zone around the proposed pharma city. This has led to concerns about the eviction of people living in villages such as Kurmidda, Medipalli, Tadiparthi, and some hamlets near pharma city. In the past, the government had promised to allocate two kilometres of land around the pharma city for greenery and to prevent pollution. However, due to pollution concerns, the government is now trying to establish a buffer zone around the pharma city as per the directives of the pollution board. Locals are concerned that the buffer zone may lead to the loss of employment opportunities for the people living in the area.

The total area of the pharma city is 19,333 acres, with 9,123 acres of land being government-owned and up to 10,210 acres of land being privately owned. The survey numbers for land acquisition for the pharma city have already been identified in Mucherla, Meerkhanpet, Panjaguda villages of Kandukur mandal, Kurmidda, Medapalli, Nanaknagar, Tadipatri villages of Yacharam mandal, Mudvin, Karkalpahad, and Kadthal villages of Kadthal mandal in Rangareddy district. The construction of roads, electricity lines, drainage, and other infrastructure works are being carried out under the auspices of TSIIC in the already acquired lands. The pharma city master plan has been prepared by a leading agency for ecosystem development. The central government has also designated this pharma city as a National Industrial and Manufacturing Zone (NIMZ), and environmental clearances have been granted.