Lifestyle

Madhapur: The affordable luxury hub of Hyderabad

[ecis2016.org] The availability of new homes, along with semi-premium projects that offer value-for-money options, are the main factors that attract property seekers to Madhapur, in Hyderabad

Nestled between Hitec City, Jubilee Hills and Kukatpally, Madhapur is a popular area in Hyderabad. It lies close to the IT hotspot of Hyderabad, where most of the multi-national companies are located. In addition to new residential complexes, the region offers value-for-money properties, which have made Madhapur a sought-after real estate destination for renters, as well as buyers.

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Connectivity to Madhapur

Madhapur is connected through public transportation options, such as the metro rail and local city buses and also enjoys connectivity with the Outer Ring Road (ORR). The Rajiv Gandhi International Airport is at a 45-minutes’ drive away, via ORR, which makes it a preferred location for professionals who travel frequently. Apart from this, most of the basic amenities for residents, including international schools, hospitals, educational institutes, shopping complexes, etc., are available in a two-km radius. According to CBRE’s Real Estate Outlook, Madhapur is one of the locations that is expected to drive demand in the near future, due to availability of affordable housing projects in the area.

Property options in Madhapur

Buying
1BHK 2BHK 3BHK
Apartment Rs 15 lakhs onwards Rs 57 lakhs onwards Rs 70 lakhs onwards
Rent
Apartment Rs 8,000 onwards Rs 14,000 onwards Rs 17,500 onwards
Builder floor Rs 13,000 onwards Rs 29,000 onwards Rs 35,000 onwards

Source: Makaan.com data

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P Rama Krishna Rao, general secretary, CREDAI Hyderabad, points out that the availability of land parcels and proximity to workspaces, have made west Hyderabad an important residential destination. “Office space absorption in Hyderabad is likely to reach 7.5 million sq ft this year, the highest ever in a year, driven mainly by low rentals, availability of talent pool and a conducive business environment. The demand will primarily be from the BFSI, IT/ITeS and start-up companies,” Rao explains.

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At present, there are over 60 ready-to-move-in apartment projects in the area, while property prices in Madhapur stand at Rs 7,681 per sq ft. According to ecis2016.org, capital values have witnessed a growth of 20% in the past 12 months in Madhapur, which makes it an attractive region for investors. According to ANAROCK research, Hyderabad’s residential rental yield stands at 3.7%, which is the highest among Indian cities.

Madhapur’s proximity to corporate houses has also given rise to short-term leasing in the area. Co-living and serviced apartments are also emerging as lucrative investment segments, which are offering better rental yields than residential. Landlords and building owners are leasing their properties, to monetise on ‘per bed’ revenue, at prices starting from Rs 10,000 per month.

Things to watch out for

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1) Water crisis: Madhapur faces acute water shortage during summer, with most of the sectors in the area depending on tankers for their daily needs. While a few residential complexes have even put up notices saying they cannot supply water anymore, there still seems to be no solution in sight. “Madhapur has severe water supply issues but since affluent people live here, the residential complexes hire water tankers. Durgam Cheruvu, one of the freshwater lakes, has been reduced to a pool, due to negligence and encroachment. A similar scenario is unfolding, vis-à-vis the Malaka Cheruvu, Manikonda Cheruvu and Khajaguda Talab, which are facing encroachments, as well as dumping of rock blasting debris, in the name of land reclamation,” wrote a local resident, Pranay Rupani, on Quora.

2) Waterlogging: A few areas in Madhapur have poor drainage systems. During the monsoon in 2018, several areas were submerged in knee-deep water and the civic authorities had to pump out the water, to unclog the roads.

3) ORR toll: While accessibility to the ORR is a big boost for the area, commuters have to pay the toll for using the road and paying for multiple trips, can be an extra burden for frequent or daily commuters.

Check out properties for sale in Hyderabad

Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org

Source: https://ecis2016.org
Category: Lifestyle

Debora Berti

Università degli Studi di Firenze, IT

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