The real estate business has witnessed steady growth in Karimnagar Town, which is located near Hyderabad. There was some growth in the past but this waned out after the district was divided into seven parts along with the demonetization impact. However, real estate prospects look really bright for Karimnagar after the Union Government included it in the Smart Cities Mission programme list. With the State and Union Governments giving the utmost priority for all round development of Karimnagar town in tandem with the development of added infrastructure as part of the Smart City programme, developers perceive that the overall scenario would change immensely in the next few months. Karimnagar is expected to be one of the most happening destinations in the state over the next few months.
The State Government had previously announced the development of the MRF (Manair River Front) along the Lower Manair Dam’s shores at the outskirts of the Karimnagar Town. This development took place with an aim towards boosting tourism akin to the Sabarmati River front development in Gujarat. The total cost of the project is expected to be Rs.506 crore. The State Governmetn has also proposed the very first high-level cable-stayed bridge across the Manair River with a view towards boosting tourism overall. With Karimnagar now being included in the Smart cities mission programme list, the Union Government will be providing Rs.1,000 crore for taking up multiple developmental works.
There would be a widening of existing roads along with beautification and added facilities will also be offered such as cycle tracks, parks, an amusement park and several other provisions. Karimnagar is expected to witness growth at par with Hyderabad as part of the Smart City programme. There are thus huge possibilities of tremendous real estate growth in Karimnagar town over the next few years.
In the last few years, there were limited buyers for apartments in the region. Several newly built apartments were lying empty on account of the slump in the contemporary real estate sector. The Smart City programme and development of added facilities and infrastructure for citizens will definitely lead to more buyers picking up these apartments along with spurring more new residential realty projects. Developers have welcomed the inclusion of Karimnagar into the Smart City Mission Programme list and opine that the decision will certainly boost the real estate market tremendously.