Increase in demand for Villa projects along Hyderabad ORR
The 158-km Outer Ring Road (ORR) encircles the city of Hyderabad on its periphery, providing excellent connectivity across the city. It connects various areas of the city through national highways like NH-9, NH-7 and NH-4, as well as through state highways. Build by the HMDA as an 8-lane expressway, it also connects to the Inner Ring Road (IRR) as well as to the proposed Regional Ring Road (RRR).
Villa projects along ORR more feasible for developers:
Besides providing excellent connectivity, the ORR is also doubling up as a development pathway, with many residential projects coming up in its vicinity. Prominent among them are many villa projects which dot the entire stretch of the ORR. Due to the easy availability of land along the fringes at relatively lower prices, villa projects appear a more feasible option for many developers. Moreover, buyers do not mind traveling the extra distance considering the excellent connectivity as well as the space and comfort that these projects offer.
Hike in sales by 12% in villa projects:
The overall development along the ORR has resulted in a hike in sales of villa property by 12% compared to the previous year. Areas like Gachibowli and Manikonda, which are in the vicinity of the ORR on the western periphery, have seen a flurry of activity in the construction of villa projects. Moreover, lesser developed areas on the western periphery of the city like Narsingi, Bandlaguda, Mokila and Shankarpally have also seen considerable activity in the villa space. There are many gated villa communities that are being developed in various other areas along the vicinity of the ORR.
Premium villa projects in IT hubs:
There are many premium villa projects in the western part of the city around the ORR. These areas include IT hubs like Hitech city and Gachibowli, which have a good market for gated community villas. Some of the builders of such premium projects are Prestige Constructions, Pavani group, Keerthi Estates, Westend Greens, Mega Meadows etc. Considering that the price range of such projects is between 5-6 crore, they can be afforded only by the wealthy. However, other areas in the vicinity like Mokila and Bandlaguda offer similar gated community villas at lower prices. From a builder’s perspective, building villa projects is a more cost-effective option than building apartments, especially when the market is in a state of lull.
Greenery in vicinity facilitates healthy living:
Another important aspect about villa projects along the ORR is that there are large expanses of greenery in the vicinity. For instance the 10-km stretch from Mokila to Wipro cirlce is a bio-conservation zone. Since no developmental or construction activity is permitted in this area, it is filled with greenery and facilitates healthy and peaceful living.
Villa prices increase by 15%:
The prices of many villa projects has increased in the last one year by upto 15% even thought the realty market has been in a slump for some time. This can basically be attributed to the increase in construction costs. Prices of villas generally depend on the size and location. Compared to the past when villas in the city had standardised designs, currently there is the option of building a customised villa. This enables buyers to choose designs that they would want to incorporate into their dream villa houses, even at the cost of being more expensive.
