Hyderabad has been home to one of the fastest-growing real estate markets in India for the past few years. The City Momentum Index 2019 by JLL ranked Hyderabad as the second most rapidly growing city among 131 cities surveyed across the Asia Pacific region.
During a period of dismal sales and a decline in demand across traditionally high performing markets of the northern belt, Hyderabad and a few other southern cities managed to end the year on a positive note. Buyers have largely been lapping up mid-segment residential projects in these cities which majorly offer 2BHK housing units in the budget bracket of Rs 45 lakh to Rs 65 lakh.
The short time duration between planning and execution of infrastructure projects has improved connectivity, green cover and overall liveability index in areas such as Srisailam Highway, Vijayawada Highway, Kompally, Madhapur and Borabanda near HITEC City. Let us take an in-depth look at some of the top-performing localities of Hyderabad in the year 2019, which are also expected to reap healthy returns on investment in 2020.
Madhapur
Due to its ideal location at the epicentre of the booming IT corridor, Madhapur sees robust housing sales driven by the millennial workforce of the central commercial district of Hyderabad, HITEC City. Report, the current property prices in Madhapur range between Rs 6,800 per sq ft and Rs 7,200 per sq ft. In the last one year, the locality has seen an appreciation of over 10 percent in average weighted capital prices. Further, Madhapur posted a five percent increase in rental prices in Oct-Dec 2019 vs Oct-Dec 2018. The growth in rental rates is possibly driven by bachelors favouring rental accommodation over purchasing apartments. The workforce tends to prefer the ‘walk-to-work’ lifestyle, which makes Madhapur a popular destination for both buying and renting a home.
With the Ameerpet-HITEC City metro corridor now open, the connectivity of the business district to residential suburbs such as Mettuguda, Uppal and Begumpet has witnessed unprecedented improvement. So, developers have been rushing to build commercial complexes in and around this locality to accommodate business monoliths such as Amazon, Walmart and IBM to boost employment in this locality further.
Kompally
The fast-transforming Kompally sits on the peripheries of Hyderabad and is a thriving educational and industrial locality. Proximity to the Outer Ring Road (ORR) and the Begumpet Railway Station has pushed the industrial development of this area with steel and food packaging industries occupying most of the landscape.
The Government Report revealed that Kompally witnessed an increase in land rates to reach record levels, at Rs 26 crore per acre, while industry pundits predicted land rates to get to a maximum of Rs 12 crore per acre in 2019. This locality hosts several prestigious secondary schools such as Pearson School, Delhi International School and St Ann’s. Families looking to settle in a suburb with dependable social and physical infrastructure choose to buy independent plots in Kompally, anticipating more future infrastructure development.
Kondapur
This locality witnessed a seven percent YoY appreciation in rental prices (Oct-Dec 2018 vs Oct-Dec 2019) and a nine percent appreciation in average property ‘asks’ over the same period. Gated housing complexes with 2 BHK and 3 BHK configurations garnered more enquiries for purchase than independent builder floors and villas.
On the back of consistent rental demand arising from the proximity to the IT nodes such as Gachibowli and HITEC City, Kondapur has been witnessing robust development of social infrastructure to facilitate the recreational needs of a young workforce. This locality also boasts of the highest average home size in the country at 1,630 sq ft, which is a stark contrast to home sizes in top cities such as Mumbai and Delhi.
Miyapur
Miyapur is surrounded by some of the prime residential hubs of Hyderabad such as Kukatpally, Chanda Nagar and Pragathi Nagar, and is a commercial district replete with a skyline dotted by leading business entities such as Infosys, Cognizant and Genpact. High salaried individuals looking to work close to home are investing in the emerging luxury real estate of this locality.
“The most in-demand configuration of apartments in areas such as Kukatpally, Miyapur and Borabanda is 2 BHK. In addition, open plots near IT hubs such as Miyapur are being purchased at Rs 90,000 to Rs 1 lakh per sq yard,” avers Sanjeevareddy Pesari, real estate broker, Shiva Pratap Realty.
Meanwhile, this locality recorded a seven percent surge in average capital ‘asks’ YoY, cementing the viability of residential real estate here. The Miyapur-LB Nagar metro route is an added boon to connectivity here. This locality is the complete package, demonstrating a symbiosis between residential real estate and robust commercial infrastructure.
Localities such as Madhapur, Miyapur, Kondapur, Kompally, Begumpet, Kukatpally and various others have helped Hyderabad maintain stable real estate traction throughout 2019. The year 2020 is also anticipated to see a continuation of this trend, with Hyderabad leading in sales and price appreciation among the top seven metro cities
Source : 99 acres
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