Looking For Ready-To-Move-In Homes In Hyderabad? Head West
Due to an increase in home sales numbers, inventory stock in Hyderabad has been consistently declining. During the second quarter of current financial year, data available with PropTiger show, the city had the lowest inventory overhang of 22 months -- this means at current sales velocity, it would take real estate developers in the city one year and 10 months to sell the existing housing stock. Most of this unsold housing stock lies in the western localities of the city. This is why there could be a suitable choice for buyers who are looking for affordable ready-to-move-in properties in Hyderabad.
At the same time, most of the new projects that were launched in the city during the September quarter were concentrated in western localities. According to PropTiger data, about 59 per cent of the total residential launches in the past one year comes from Hyderabad west alone. At present, there are over 1,400 projects in the area which are in various stages of construction. These are modern gated communities equipped with lifestyle amenities and surrounded by well-developed social infrastructure.
The number of ready-to-move-in properties is a whopping 1,227 compared to under-construction ones which are about 171 in total. This gives a range of options for prospective buyers to choose a home which best suits their needs. Furthermore, the region surpasses other zones with the highest amount of unsold inventory.
Pricing
Property prices across the city have jumped up by about 22 per cent in the last three years, according to PropTiger Datalabs. Prime localities in Hyderabad west namely Gachibowli, Kondapur and Madhapur have particularly seen a steep rise in prices in recent years.
The average price of a property in these localities are in the Rs 5,000-7,000 per sqft bracket. This is still reasonable, from a homebuyer’s perspective. In Manikonda and Gachibowli, apartments are available at an average price of Rs 58 lakh for a 2BHK home and Rs 90 lakh for 3BHK home. Houses in Madhapur and Hi-tech city are priced at about Rs 1.3 crore for a 3BHK residence. The data also highlights the fact that the city is seeing growth of houses priced above Rs 1 crore, both in terms of sales and new launches.
Connectivity
The Rajiv Gandhi International Airport is roughly about 30 kilometres from localities in Hyderabad west - Gachibowli, Manikonda, Kondapur, Madhapur and Hi-tech city. This is a huge advantage for working professionals who travel frequently. In addition to state-owned bus services, taxis and autos provide local transportation.
The strategic location advantages which the localities in Hyderabad west enjoy are not only due to the proximity with the airport but also because of the presence of arterial corridors viz. Nehru Outer Ring Road and offices in the neighbourhood. Moreover, the proposed stations on Hyderabad Metro rail Phase I and II will augment connectivity in the region. For instance, the Ameerpet-Hi-tech city will be operational by the end of the year, thus providing relief to thousands of daily commuters and also minimising the traffic congestion.