 "Hyderabad Metro")
Hyderabad, which was recently rated by an international survey as the best city to live in India for the second year in a row, is starting to look beyond its hotspots of Hitec City and Gachibowli.
With increased real estate activity and plans of the government to make it a manufacturing and information technology hub, it is now north-Western Hyderabad that is now in focus. Around 40% of the residential launches in the city have been concentrated in this region since 2013, says a report from real estate research firm Proptiger.
Apartments accounted for 65% of the total launches during these three years. The region’s prominent localities -- Kondapur, Miyapur and Kompally -- contributed 45% to overall launches in the city. Though affordable projects dominated with 90% purchases, there were a number of luxury launches in the area.
With an existing ecosystem of pharmaceutical companies and the proposed Hyderabad-Nagpur Industrial Corridor (HNIC) and Information Technology Investment Region (ITIR), this part of the city is expected to see economic growth on the back of manufacturing, which, in turn, is attracting developers, says the report.
Improved connectivity to the southern and western part of the city from here, through the Hyderabad Metro, which is nearing completion, will boost connectivity in a big way.
"Corridor 1 of the upcoming Hyderabad Metro from Miyapur to LB Nagar will improve connectivity with other parts of the city. The presence of an organised retail cluster with Grade A malls in localities such as Miyapur, Nizampet and Kukatpally also increases the pull of the region," says Anurag Jhanwar, head –consulting and data insights, Proptiger.
While the existing Outer Ring Road connects the region to other micro markets, the NH-9 connects Hyderabad and Pune passes. Moreover, the south and western zones, with their proximity to IT/ITeS zones in Gachibowli and Hitec City, will result in enhanced activity.
In terms of price appreciation, Kondapur, Chandanagar and Tellapur witnessed 10-18% increase over the last 12 months. Kukatpally, Miyapur, Kompally and Bachupally were the top grossers in terms of absorption across localities, contributing over 50% to the total sales over the last 12 months.
The increased activity is also seeing niche businesses like interior designing focusing on the area. Shailja Palla, principal architect, VCreate, says this area is now generating most business for interior designers. Over 50% of launches have been in the 3-BHK category while 2- and 4-BHK contributed 36% and 12% since 2013. By 2017, 80% of the under-construction units will be complete.
