Manchirevula: Upcoming IT hot spot
Manchirevula, located about 10 km from the IT hub – Gachibowli, has turned into a major hot spot for residential activity. Currently, the area offers residential property at prices which are 20-30% lower than those prevalent in Gachibowli. Besides, like its esteemed neighbour, the area also has the potential of developing into another prominent IT hub. Considering that many IT office spaces are set to come up in this area buyers are making a beeline to purchase residential property here, either for future living or to obtain healthy returns on investment.
IT office projects on the anvil
Many prominent commercial builders have already acquired space in Manchirevula for developing IT office projects. Considering that the area is similar to what Gachibowli was a few years back, it has the potential to develop into another Gachibowli, with an investment plan of more than Rs 1,000 crore. Manchirevula has made rapid strides in terms of development with the banking and telecom industry already being established in the area. There is likely to be an explosion in the real estate market of Manchirevula once the IT industry gets a firm footing in the area.
Property values
The existing property values in Manchirevula range between Rs. 1,500 to Rs. 2,300 per sq.ft. Going by these prices, a 2 BHK apartment between 1,000-1,200 sq.ft. can be purchased within a budget of Rs. 15-25 lakh in Manchirevula. On the contrary, a similar apartment in Gachibowli would be priced between Rs. 38-42 lakh. Plots are also available in this area in a price range between Rs.2,700-3,400 per sq.ft. Many independent villas are also seen here with many buyers preferring to purchase land and develop houses as per their requirements.
Advantages of the area
Besides being in the vicinity of Gachibowli, some of the other advantages that this area possesses are good connectivity through the Outer Ring Road (ORR) and its proximity to the Rajiv Gandhi International Airport. Moreover, the area also boasts of abundant water supply, a resource that is scarce in Gachibowli. This feature of Manchirevula is attracting many end-users to the area, considering that it is largely unexplored on the residential front.
Good connectivity
Another important feature of Manchirevula is its good connectivity across the city, due to being strategically located along the ORR. It’s hardly a 15-20 minute drive to Gachibowli along the ORR service road leading to the ISB road and then to the IT hub. This is one of the prime reasons why IT professionals working in Gachibowli find it convenient to live here. Many of the proposed new projects in Manchirevula are still under planning and may take time to get constructed. Some of these projects are by renowned developers like Aparna Constructions, Manjira Group and Indu Developers.
