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Hyderabad aiming high in property terms

Safety, fire and aircraft concerns have been overcome and the city is now set to have the tallest structures in India with two towers of over 400m being built.

The upward trend is focused on a skyscraper zone in Manchirevula, a suburb, where there will be no limit in terms of the number of floors.

'Real estate prices have been going up so cost effective taller buildings are needed,' said Jawahar Reddy, Vice Chairman of Huda.

Over two dozen buildings of over 100m or 30 floors are being built and over 30 construction companies, including builders from other states, are keen on taking up projects in the city.

A large number of international developers are seeking a presence in the city, including companies from Malaysia, Germany and Dubai. It is know for its culture and famous for its pearls.

'Interest is vast because Hyderabad is the most happening place in India with a multi lingual, cultural population. The city is also receptive to new ideas. Foreign players look at Hyderabad as a good testing ground. They feel that whatever succeeds here will succeed in other metros as well,' said Murali Krishna Reddy, chairman of the Hyderabad-based MAK group. 'Also the government is very pro-active,' he added.

The luxury property market is also booming in the city. Villa complexes, golf courses and country clubs are proving popular. A number of major airlines already have regular flights and British Airways is to launch a service later this year.

The city's economy has been boosted by the arrival of international companies in the IT, outsourcing and bio-tech industries.