• EARN
  • Sat Sep 24,2016

A Nawabi Abode

With sprouting affordable housing projects, Hyderabad offers lucrative prospects

By OLM Desk

The iconic Charminar, the lip smacking aromatic biryani, milky smooth pearls or the unique way of speaking Urdu—these are some of the things that come to your mind when you hear the name Hyderbad, the capital of newly created state of Telangana. This 400-year-old city has beautifully transformed over the decades from the city of Nawabs to an IT city and has still managed to keep its novelty.

The early IT progression led to major Fortune 500 companies like Facebook, Microsoft, Google, etc., opening their offices here. Its major workforce is engaged in the services sector, and has made the city grow leaps over the years, making it the fifth largest contributor city to India’s overall GDP.

Development indicators

  • Corridor 1 of the upcoming Hyderabad Metro to improve connectivity
  • IT Corridor in HITEC City to drive infrastructure and job opportunities in the region
  • 21.3 km stretch of Outer Ring Road (ORR) to improve connectivity of North-West Hyderabad
  • State transport department planning to build 22 terminals-cum-depots along the ORR

Robust infra

Hyderabad already has an existing ecosystem of IT companies and pharmaceutical companies. Announcement of Hyderabad-Nagpur Industrial Corridor (HNIC) and Information Technology Investment Region (ITIR), will lead to a significant growth of the city’s suburbs. Corridor 1 of the upcoming Hyderabad Metro from Miyapur to LB Nagar will improve connectivity with other parts of the city. Kukatpally has also evolved into an attractive realty market as it is in close proximity to the MMTS station and the upcoming metro rail network. IT Corridor in HITEC City and the financial district in Gachibowli are generating job opportunities for many and at the same time also creating massive infrastructure in the city.

The 21.3 km stretch of Outer Ring Road (ORR) will improve connectivity of north-west Hyderabad with upcoming IT/ITeS hubs of east Hyderabad. State-run Telangana State Road Transport Corporation (TSRTC) has also planned to build 22 terminals-cum-depots (TCD) along the ORR.

Significant growth of social infrastructure and multiple entertainment options are changing the landscape of real estate in the suburbs. Organised retail markets and Grade A malls in places like Miyapur, Nizampet and Kukatpally have also improved the infrastructure within the region.

Booming Hyderabad

  • HITEC City, Madhapur, Kondapur, and Raidurg have increased real estate demand in the region
  • Sainikpuri and Kompally are thee growing micro-markets of Hyderabad
  • Announcement of HNIC and ITIR has lead to a significant growth of the Hyderabad suburbs
  • Many international schools have come up in the suburbs of Hyderabad

Housing demand

Realty prices in the city have always been on the high, making the living unaffordable for many. This has led to a significant increase in the demand of affordable housing in the suburbs of the city. It is aimed at people who are within the earning bracket of Rs.10,000 to Rs.25,000 and can afford to buy a home within the budget of Rs.5 lakh to Rs.25 lakh.

North-West Hyderabad is an attractive opportunity and planned infrastructural initiatives such as the proposed Outer Ring Road (ORR) and Metro Rail, among others, are likely to improve the region’s connectivity. The connectivity of suburbs like Kukatpally, Miyapur and Medchal with National Highway-7 and close proximity to IT/ITeS hubs and manufacturing corridors has significantly given rise to the demand of residential houses. While Kukatpally has affordable houses starting from Rs.9 lakh onwards, Miyapur has residential projects in the range of Rs.24 lakh.

On the western corridor, Narsingi is emerging as an alternative residential destination. Manikonda’s close proximity to ITeS hub of Gachibowli and Madhapur have made it one of the most preferred areas for both residential and commercial purposes and houses are available in this region from Rs 27 lakh onwards. The IT corridor areas of HITEC City, Madhapur, Kondapur, and Raidurg noted increased demand for commercial real estate and a significant growth of employment opportunities has been witnessed in recent times. Other areas that have seen the realty prices surging are northern suburbs of Bachupally and Shamirpet and eastern suburbs of Uppal and LB Nagar.

The suburbs of Hyderabad have turned into full-fledged grown areas and many international schools have come up in the region, giving a huge boost to the real estate segment. A.S. Rao Nagar, Sainikpuri and Kompally are three growing micro-markets of Hyderabad. Significant growth of social infrastructure followed with connective modes through metro would result in a significant augmentation of connecting many of the micro markets of the city and lead to a considerable growth of infrastructure in Hyderabad and its suburbs in the long term.

olmdesk@outlookindia.com

Read More In:

NEXT STORY