Realty madness !!!

Consider this

Plot Size: 5.3 acres roughly
Consortium of: Nagarjuna Construction Company (NCC), ICICI Ventures, and Maytas
Total Deal Worth: Rs335 crore (Almost double the reserve price)

Guess the city
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Location: Jubilee Hills, Hyderabad ( not Malabar Hills , Mumbai !)

The real estate market in Hyd is on fire, this latest auction may just have triggered it. With the announcement of new projects like the Hyderabad international airport and, more recently, the $3 billion FabCity, property prices have skyrocketed with unofficial rates in Jubilee Hills areas (prime spot) touching Rs80,000 plus per sq m. Hyderabad seems to be giving Bangalore competition in the technology sector and Mumbai in the realty business.
This is bad news for two reasons:

i. I can never afford to buy a house in my hometown, in my life time :(
ii. The biggest edge for Hyderabad ,low cost of living, is gone for a toss

Consider this, just couple of years back , the cost of living in Hyd was considered on par with Indore. In fact , I used to tell my friends who worked in the Oracles,MS etc," how do you spend money in twin cities, it must be difficult to figure out in a place like Hyd , when everything is dirt cheap (relatively speaking !)." Not anymore!

Apparently the news was enough for the CM to instruct officials to redraw the Hyderabad masterplan.(supply and demand in action). Looks like Hyderabad is going the Bangalore way, unless more land and comparable infrastructure is developed in Hyderabad.