Affordable Home Or Luxury Villa? West Hyderabad Has It All
Hyderabad has been witnessing a steep rise in demand for property from past two years now. This demand is now slowly and gradually being fulfilled as the Telangana government pushes real estate growth in the city by developing its civic infrastructure. The state government has already given approval to 20 flyover projects, ensuring greater connectivity and getting more areas into the city limits. One of the areas, which has been in demand the most for property is, West , broadly due to its proximity to the Hyderabad Information Technology and Engineering Consultancy City (HITEC City) .
Availability of homes
The demand for residential property in Hyderabad comes largely from the working professionals, especially those placed in the IT and ITeS companies here. Most of these home buyers prefer to live in emerging areas of the city including Gachibowli, Gopanpalli and Gandipet, due to their proximity to the IT parks and the availability of new-age homes at an affordable price.
There are over 5,000 projects in West , which offer apartments, individual homes, villas, builder floors, and penthouses. Of the total projects available for sale, nearly 70 per cent are completed and ready-to-move-in.
The area has seen a few new launches recently, the largest of them being Capital Heights near HITEC City. This project offers large 3BHK apartments in Kukatpally area.
Affordability drives demand
Even as the prices of residential properties in Hyderabad are on a marginal rise, a number of potential home buyers want to make the purchase before the prices surpass the 'affordability range'. A 2BHK apartment in Hyderabad can be bought at an average price range of Rs 25 lakh - Rs 30 lakh.
Though the property prices in Hyderabad have been stagnant due to the Telangana, the rental values in Hyderabad are rising constantly, especially those around the IT parks. The average annual rental appreciation is at around 12 per cent, especially for 2BHK and 3BHK apartments, which are most in demand.
Growth in infrastructure
The state government is planning to bring more areas of West into the ambit of Metro Rail. This metro line, which is expected to complete next year, will cut through Kukatpally, and hence, will further push demand. The expected capital value appreciation of most of the areas in West is pegged at around 50 per cent, counting in shortage of residential properties as well as growth in jobs and employment in the city.
Where to invest in West
Gachibowli: One of the most popular IT suburb of Hyderabad, this locality is five kilometers away from HITEC City. A number of IT companies like Deloitte, Microsoft, Capgemini, and Polaris, as well as banking and financial institutions Franklin Templeton Investments, Bank of America and others, have their offices here. This area is also a sports hub with four sports complexes including the GMC Balayogi stadium, Indoor stadium and a golf course.
In terms of connectivity, the area is connected to the main city by the Outer Ring road and to the international airport as well. The locality has also picked up in residential projects with 2BHK and 3 BHK apartments priced between Rs 45 lakh to Rs 1.2 crore. Some of the renowned projects in Gachibowli are Niharika Exotica, Prestige High Fields and Hill Crest.
Nanakramguda: The area was modelled as the financial district and presently, is home to IT and ITeS special economic zones (SEZs) . Many renowned companies like TCS and Accenture are located here in addition to Film Nagar. The locality has a number of projects in the higher mid-segment. Most of the properties in Nanakramguda start at a price of Rs 60 lakh going up to Rs 1.7 crore. A 2BHK apartment in Nanakramguda can cost around Rs 57 lakh at Ashokha Liviano, an under-construction project here. There are also large ultra-luxury villa projects in Nanakramguda like Ektha Prime Highland Park. A villa here, available in 4BHK and 5BHK options, costs around Rs 6 crore.
Narsingi: There are a large number of under-construction projects in Narsingi due to its proximity to Gachibowli. It serves as the alternate affordable residential area for people working at IT hubs in the city. A 2BHK apartment in Narsingi's project, s Aradhya, can be bought at around Rs 20 lakh. The average price here, however, ranges between Rs 30 lakh to Rs 55 lakh, making it affordable than Gachibowli.
Kismatpur: Kismatpur, also close to Gachibowli, along with Hyderguda is gaining traction among potential buyers of villas at fairly good prices. There are 10 projects in Kismatpur of which nine are under-construction while one will be launched soon. A 3BHK villa in Kismatpur with three terraces is priced at Rs 1.5 crore onwards.
Manikonda: Though an upcoming residential area, the social infrastructure here still needs to be developed, compared to other areas of West . Manikonda gained traction for residential property after a number of integrated township projects started developing here. For buyers planning to invest in a villa, GVN Lake View Villas offers a 5BHK villa with six terraces for Rs 3 crore onwards while for those planning to invest in high-rise projects, Lanco Hills offers 3BHK and 4BHK apartments for a starting price of Rs 98.3 lakh and Rs 1.4 crore, respectively. On the other hand, in the affordable segment, Shreya Home Elegance offers 2BHK and 3BHK apartments for a starting price of Rs 25.5 lakh and Rs 39 lakh, respectively.Manikonda has a total of 130 projects of which, 88 are ready-to-move-in while 37 are under-construction.
There are other areas in West , like Tellapur and Gopanpalli, which have large fresh supplies of ready-to-move-in-homes in the mid-segment. While, Kokapet and Gandipet, cater to the premium and luxury segment with villa projects.
(Katya Naidu has been working as a business journalist for the last nine years, and has covered beats across banking, pharma, healthcare, telecom, technology, power, infrastructure, shipping and commodities)