[ecis2016.org] Absorption of commercial space has had a spill-over effect on residential realty, with a number of professionals investing in Hyderabad. We look at the top localities to invest in and the price movements in the Hyderabad market
Hyderabad is one of the employment hubs in India. In 2016, there were 250 listed companies across Hyderabad. Thanks to the influx of professionals, the demand for homes is forever on the rise. ecis2016.org data suggests that Manikonda, Kukatpally, Gachibowli, Miyapur, Bachupally, Kompally, Kondapur, Dammaiguda, Chandanagar and Nizampet are the top localities that are preferred by home buyers. Except for new and evolving localities like Dammaiguda, all other localities have registered a sizeable upward movement in prices. While prices have been climbing reasonably, it remains stable enough, to avoid disrupting one’s finances. This indicates that the real estate market in the city is healthy and there is enough momentum, to beat any capital value erosion.
You are reading: Top 5 localities to invest in Hyderabad
Key housing demand drivers in Hyderabad
Between January and September 2020, Hyderabad emerged as the dominant city, in terms of new residential launches, as per PropTiger research. Moreover, it had the lowest inventory overhang of 25 months, among the eight prime property markets in the country.
What ensures the continued preference for these localities? One of the top reasons is that these are very close to the job markets. Mita Karunya, a 32-year-old home buyer in Nizampet says, “Proximity to my workplace was the biggest reason why I chose this locality. Hyderabad is a city of promise and after a long period of lull, I have finally chosen to invest this year. There are certain factors such as water availability that one must investigate but on the whole, the city is full of opportunities for the young.”
Commercial supply and its absorption are also significant. According to research, when compared to the top markets, Hyderabad dominated the chart in net absorption and new completions, registering a 36% and 44% market share, respectively, in the quarter ending September 2020. Bengaluru and Delhi-NCR follow Hyderabad in this regard.
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Property prices in Hyderabad’s top localities
*All values are in Rs per sq ft
Given the affordability, most real estate developers have been focussing on 2BHK and bigger units, rather than 1BHK units. As a result, there are very few 1BHK units. Among the top localities, only Kompally and Kondapur have a sizeable supply of small units. Gachibowli commands a premium, when it comes to 2BHK and 3BHK units. At Rs 1.30 crores, 3BHK units in Gachibowli are the costliest of the lot. On the other hand, Dammaiguda offers the most affordable 3BHKs, with the average price being Rs 60 lakhs. Dammaiguda is followed by Chandanagar and Bachupally.
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*All values are in Rs
Average price of a property in Hyderabad
The average price of property in Hyderabad is Rs 5,527 per sq ft, as of June 2021.
Average rent in Hyderabad
The average rental cost of property in Hyderabad is Rs 17,610 per month.
Check out property rates in Hyderabad
Recent developments in Hyderabad’s top 5 localities
1. Manikonda
The Greater Hyderabad Municipal Corporation (GHMC) is looking at giving a facelift to existing roads that are running under power lines. Widening of these roads would definitely decongest traffic to a great extent. This would also positively impact property prices in the area.
Meanwhile, the construction of three major link roads in Manikonda has been stalled owing to legal hassles. Alkapur Township to Langar Houz, Lanco Hills Road No 8 to ORR and Radial Road No 5 from Shaikpet to Kokapet that were proposed in May 2020, are yet to be completed, although the road from Alkapur Township to Langar Houz is 80% complete.
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Check out property rates in Manikonda
2. Kukatpally
Electric vehicles can now be charged at the Kukatpally metro station, free of cost. Smart parking facilities are also being planned in Kukatpally. The same was launched at Begumpet metro station recently.
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The Hyderabad Metropolitan Development Authority (HMDA) had set a deadline of November 2020, to complete the work on the Balanagar flyover. Once completed, it will facilitate smooth flow of traffic on the Balanagar Main Road, crossing Narsapur and Fatehnagar ‘T’ junctions and also ease traffic congestion in the Kukatpally and Quthbullapur areas. This development is expected to enhance the livability in these areas and minimise travel time for commuters.
The flyover between Balanagar and Narsapur X Roads, spanning 1.13 kilometres, will be opened to the public in the second week of July 2021. The Hyderabad Metropolitan Development Authority has developed this project under the Strategic Road Development Plan at a cost of Rs 387 crores. It includes land acquisition cost of Rs 265 crores and a budget of Rs 122 crores for the civil works.
Check out properties for sale in Kukatpally
3. Gachibowli
Giving a boost to public transport, four new luxury buses have been introduced by the Telangana State Road Transport Corporation in the IT corridor, between Kukatpally and Hitec City via Gachibowli. While this provides some relief, commuters have been demanding more.
4. Miyapur
Just like Kukatpally, Miyapur is likely to have a smart parking system, which provides real-time information about parking facilities for two and four-wheelers on a mobile app. It is hoped that this will take care of civic problems, such as illegal parking in and around busy stations such as that of Manikonda.
5. Bachupally
It is estimated that 70 million sq ft of office space will be coming up in Hyderabad’s western localities, over a period of five years. Bachupally, an evolving location, will be a beneficiary in this regard and a number of residential launches have already surfaced. Now, the authorities are planning to improve social infrastructure, to take on this added population in due course of time.
Check out price trends in Bachupally
Livability rating for Hyderabad’s top localities
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FAQs
Which are the top localities in Hyderabad?
You can check out the top localities in Hyderabad above that are witnessing unending housing demand both for rent and sale.
What is average property price in Gachibowli for a 3BHK apartment?
Average property price in Gachibowli is Rs 5,600 per sq ft as of June, 2021. A 3BHK property will cost anywhere between Rs 57 lakh to Rs 1.80 crore.
How is the Hyderabad real estate market in 2021?
Hyderabad’s property market is considered to be an affordable one. The property prices have corrected further due to Covid-19 pandemic.
Which are some of the most affordable localities in Hyderabad in 2021?
Check out the list of most affordable residential pockets in Hyderabad with average per sq ft values under Rs 3,000 per sq ft above.
Which is the most posh area in Hyderabad?
Banjara Hills is among the posh areas in Hyderabad. The average price of a spacious 3BHK apartment of area 3,000 sq ft can range between Rs 2.5 crores and Rs 3.5 crores.
Source: https://ecis2016.org/.
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Source: https://ecis2016.org
Category: Lifestyle
