Narsingi: Luxury villas being developed in this western suburb of Hyderabad
Narsingi, located about 20 km from the heart of Hyderabad and 10 km from Gachibowli on the western periphery of the city, is fast turning into a suburb renowned for its development of luxury homes. It is commonplace to find fringe areas in the vicinity of developed micromarkets being developed as an alternative residential option for those seeking for home at affordable prices. However, it is a rarity to find a sleepy suburban village like Narsingi that began its growth starting from developing luxury villa projects.
ORR spurs growth in development of villas in Narsingi:
The growth of Narsingi as a residential destination was spurred after the Outer Ring Road (ORR) became operational. Infact, Narasingi forms an important junction along the ORR, on the western periphery. Besides the ORR, good connectivity through the 100-ft road is also an added advantage that the area holds. Moreover, there are also proposals to widen the existing 60-ft road, running parallel to the ORR, into a 200-ft road. Due to the improved connectivity, the time taken to reach Narsingi from other parts of the city is considerably reduced. As a result, it hardly takes 30 minutes to travel to the International airport.
Large land parcels purchased by developers about 10 years back:
Taking advantage of the low land values that were prevalent in the area about 10 years back, many developers had purchased large land parcels at that time. Now, with the area suddenly gaining in prominence due to its proximity to the IT hubs on the west, many residential developers have embarked on new projects. Due to the presence of many apartment projects in Gachibowli, developers are coming up with luxury villas in Narsingi, targeting top management staff of IT companies in the locality.
Price appreciation by 15-20% in Narsingi in last two years:
Most of the residential projects in Nasingi are 3 and 4 BHK villa projects where are sized between 2500 and 4000 sq.ft. The price of these homes ranges between Rs.4000-6000 per sq.ft. Going by these prices, buyers can purchase a luxurious villa for a budget between Rs.1-3 crore. Due to the fact that most of these projects are still under construction, th occupancy rate in Narsangi is quite low. However, with prices in the locality having appreciated by about 15-20% in the past two years, which are expected to go up further as projects near completion. Hence, it would be an appropriate time to invest in residential projects in this area, before prices start increasing.
