India is a potential investment centre and many countries view this as a golden opportunity to spread their business, particularly in the real estate industry. In the current situation, industrial investments in India have been deferred but not withdrawn. The situation in real estate industry could improve dramatically as India is a preferred destination for large foreign direct investment such as Ras Al Khaima Authority (RAKIA) which recently asked for 2000 acres land for their economic city project. This will cause an escalation in land prices and we can a expect real estate boom in Medak district in the near future.
The proposal of Hyderabad Economic City (HEC) will transform Medak considerably. Ras Al Khaima Authority (RAKIA), and APIIC signed a memorandum of understanding in September last for the development of HEC with a proposed investment of Rs 20,000 crore. The Andhra Pradesh government recently allotted 471 acres of land at Sultanpur village of Medak district for the first phase of Hyderabad Economic city which is being jointly developed by APIIC and RAKIA. RAK is the investment arm of the UAE government which had asked for a total of 2000 acres for the project. The project would also have an integrated health city that would include facilities for clinical and non-clinical services, hospitals, and medical colleges, research services for clinical trials, drug delivery system, stem cell research and genetic research among other things, according to sources. This is the largest real estate and infrastructure project coming up in Andhra Pradesh and is expected to provide quality employment to thousands of people. RAKIA is a world renowned and much respected investment body that is cash rich. Executing a project of this magnitude is well within their capability.
RAKIA is the investment arm of the UAE government which had asked for a total of 2000 acres for the project. The balance land would be allotted in due course according to an APIIC official. It is the government body responsible for the socioeconomic growth of the emirate. The MoU was signed by Wahid Attalla, Member of the Board, Rakeen, the real estate development arm of Ras Al Khaimah Investment Authority (RAKIA), and APIIC Chairman and Managing Director B P Acharya, in the presence of Andhra Pradesh Chief Minister Y S Rajasekhara Reddy. RAKIA is also developing several other townships across the country through RAKINDO, RAKIA's joint venture company in India. Over 3,000 acres of land has been earmarked for various projects in Coimbatore, Chennai, Kumarakom, Hosur and Cochin, each with a projected cost of $2bn.
Medak is already witnessing developmental plans with the prestigious IIT Hyderabad campus, the Export Promotion Industrial Park, the Garment Complex, and the Nagarjuna Agricultural Reserach and Development Institute (NARDI). With the current project of RAKIA and economic city investments, this project is a boon to Medak district which would assume great significance in terms of the infrastructure being provided and tremendous employment potential. Residential areas in Medak, such as Sultanpur, Ayilapur, Kistareddypet and patelgudem will be the most sought after destinations and are likely to appreciate in value considerably. The limits of Medak are already been witnessing real estate development in the form of gated communities, apartments, and villas.
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