Bowenpally: Property values appreciate due to new completed projects
Bowenpally which is located about 10 km from the heart of the city, in Secunderabad, has seen considerable appreciation in property values in the last two years. The area has recorded an appreciation in property values of about 19% in the last year, and about 29% in the last two years.
Appreciation due to proximity to IT hubs:
This appreciation in property values in Bowenpally can mainly be attributed to its proximity to IT hubs like Madhapur. The area has evinced interest from IT professionals due to its easy connectivity to Madhapur, through the newly constructed road which connects it to the Kukatpally-Madhapur flyover. Besides, there have been many residential projects that were completed in 2013, which has given a thrust to the realty market of the area.
Developers with completed projects in 2013:
One of the prominent property developers who delivered residential projects in Bowenpally in 2013 is Bhagyashree Buillders. The project they came up with offered 3,000 sq.ft luxury triplex houses at a price of Rs. 68 lakh per unit. Another project is by Sri Vasavi Developers, which offers 2 and 3 BHK multi-storey apartments. Each unit measures between 1,000-1,500 sq.ft and price range is between Rs.30-42 lakh. Besides, a township developed by Shanta Sriram Constructions was also completed in 2013. It offers 2 and 3 BHK apartments of price range between Rs.1200-1500 per sq.ft. Srivaari Builders is another developer that has come out with projects this year.
Residential property prices in Bowenpally:
The current property values prevalent in Bowenpally are in the range between Rs.2,500-Rs. 3,100 per sq.ft. This is a considerable rise compared to the prices in 2012 that ranged between Rs.2,000-Rs.2,300 per sq.ft. Some of the major property developers who had developed projects in 2012 include SB Constructions, Sri Sharan Associates, Amulya Constructions etc. Bowenpally, which is located along the suburbs of Secunderabad has seen tremendous developments both in the residential as well as commercial realty spheres.
Similar trend expected in 2014:
Taking off from the trend that was existing during the past two years, the area is set to follow a similar trend in the coming year as well. There are many developers whose projects are expected to be ready for possession in 2014. They include developers like Mahalaxmi Homes, KJR Constructions etc. However, it yet to be seen how these projects would impact the property values in the area.
