Hyderabad bedazzled by IT corridors vibrancy – Part 1

HYDERABAD: The software corridor located in Hyderabad’s western sector is at the helm again. Introduction of new projects have injected a positive trend which is expected to remain steady for at least a year. The growth along the western sector from Madhapur hi-tech city to the financial corridor of Gachibowli and Nanakramguda is worth mentioning.

West Hyderabad:

West Hyderabad encompasses the localities of APPA Junction, Chandanagar, Gachibowli, Gandipet, Gopanpalli, Hi- Tech City, Hydernagar, Hyderguda, Kondapur, Khajaguda, Kokapet, Kismatpur, Kukatpally, Manikonda, Madhapur, Miyapur, Nanakramguda, Narsingi, Nallagandla and Tellapur.

The locality of Kukatpally situated in the western regions of Hyderabad city has gradually grown into a prime location for property investments and circumscribing commercial complexes, prominent residential projects along with flats and apartments. Initially, the KPHB was the only landmark here. The area looked like a rustic town, not even a suburb. However, KPHB and the relative socio-economic activity has helped the sleepy village to evolve into being a more civilized area, with its USP’s being close access to the Mumbai highway and nearness to the MMTS track and Metro rail.

This growth has prompted numerous heavyweight realty developers to establish mega projects on the strategic Hitech city to Kukatpally road. The areas around the Jawaharlal Nehru Technological University (JNTU) and the Malaysian Township attract higher mid-segment and premium segment. In the past two quarters, the Sales have been brisk, however the premium segment has shown a moderate trend. It is noticed that Migrant citizens are now safely looking at this part of Hyderabad to settle down, because of its great appeal. Nanakramguda is also attracting higher mid segment buyers.

The locality of Hydernagar located off Kukatpally, has been alluring the mid-segment with its affordable pricing which ranges from Rs 2,800 to 3,500 per square feet. The realty market of the area has been doing well with flats being quoted at Rs 3,000 per square feet. A multitude of projects are being established there. The areas of Khajaguda and Manikonda cater to the higher mid segment with prices ranging from Rs 3,500 to Rs 4,200 per square feet.

With prices being quoted from Rs 2,300 to 3,000 per square feet the neighborhood of Gopanpalli too has been attracting the mid-segment buyers. Similarly, the area of Tellapur too has been catering to the demands of the mid-segment as well as villa seekers. The prevailing rates for constructed area vary from Rs 2,500 to Rs 4,000 per square feet while plot rates range from Rs 14,000 to Rs 18,000 per square yard. However, sale of mid-segment projects may observe some slump as property seekers prefer the nearby area of Gachibowli. Just the same, villa projects may witness a comparably better off-take, due to their short supply.

In accordance with real estate experts, the scenario of duplex units and independent villas at Tellapur is quite prosperous, as the land value is up by almost 33 per cent. In addition, the industrial estate situated near Nandigaam along with APIIC’s allocation of 30,000 acres of land for ancillary units would generate bounteous employment opportunities and in turn ultimately residential spaces.

Depending on parameters such as the location and quality, the area of Gachibowli is witnessing prices ranging from Rs 3,000 to 4,000 per square feet, with recently completed projects evoking favorable responses. Consequentially above 40 per cent of NRIs are opting for residential units within the area. The corporate sector buyers as well as people from Bengal, Maharashtra, MP Bihar, Karnataka and UP are swerving around to this locale. Considering its appeal, the migratory population prefer this region of Hyderabad to settle down. Higher mid segment buyers are even being attracted to Nanakramguda.

Furthermore, in accordance with real estate experts the market is showing considerable signs of recovery. A good demand is being generated for villas while apartments starting from the mid-level to the luxury segment are witnessing brisk movement because of locational proximity to the city’s best schools as well as the IT hub. Even though the growth rate is not represented by substantial figures, customers can still expect appreciation of their investment thanks to Hyderabad’s rapid infrastructure development.

Due to their proximity to ORR and the knowledge hub of Gachibowli, new residential addresses such as the APPA Junction, Narsingi and Kismatpur are evolving along the western corridor. NCC Urban’s residential apartments is a major ongoing project that buyers can look forward to here. Midsegment property at Narsingi and Appa Junction are quoted at Rs 2,600 to Rs 3,300 per sq ft. Kismatpur and Hyderguda offer villas costing Rs 1.5 crore to Rs 3.5 crore. Gandipet and Kokapet predominantly maintain villa projects falling within the price-band of Rs 1.5 to Rs 3 crore. Gachibowli proffers great potential for the buyers under the category of upper middle income. Within the next six months, the impact of spry growth should be visible. More than 40 per cent of the NRI investors are opting for residential units within the area. The corporate sector buyers, and people from outside the state such as from Bengal, Bihar, Madhya Pradesh, Maharashtra, Karnataka and Uttar Pradesh are swerving around to this region. Unperturbed by the passing phase of political uncertainty, these migrant citizens are looking at this region of Hyderabad to settle down.

Experts believe that the reason behind the ever increasing demand for villas is driven by the simple thing of ownership and the sheer permanent value it has. The land belongs to the owner throughout the duration of the ownership, the owners can modify, face lift, renovate or do almost anything that they fancy or desire with the property.

Corroborating Hyderabad’s realty picture, the east zone along with the northern zone too are coming to the fore when compared with the other zones of the city. Deviating from the north and west regions of Hyderabad, the east zone presents buyers with viable investment options.