Following the political uncertainty in Hyderabad, which led to the formation of Telangana state and the arrival of a new, government, the real estate sector in the city is looking positive again. With the revival in sentiment, the focus is once more on growth corridors in the city, which can help investors reap generous returns. Manikonda is one such location.
Nestled between Telecom Nagar and Outer Ring Road, it is an emerging locality that has shown good growth over the past few years. Rated among the top 10 preferred localities in Hyderabad for buying property, it is emerging strongly as the next big residential destination along the information technology (IT) corridor.
Manikonda has seen significant commercial and residential development in the recent past, and has been transformed into quite a desirable locale. Being close to IT hubs such as Hitec City, Nanakramguda, Gachibowli and Raheja IT Park, Manikonda is one of the top housing location choices of IT professionals looking to buy property close to their workplace.
Manikonda is about three km from the Indira Gandhi flyover and Outer Ring Road, and also benefits from its easy accessibility to the airport and railway station. Well equipped with rapidly improving social and civic infrastructure such as schools, colleges, banks, supermarkets, hospitals and entertainment avenues, Manikonda is receiving a wide spectrum of residential projects with many reputed developers.
The several projects underway in this location include the multi-billion dollar Lanco Hills, as well as Chitrapuri Colony. Compared to the neighbouring markets of Hitec City and Gachibowli, regardless of whether it is apartments or plots, one can find properties at relatively more affordable prices in Manikonda.
For example, in Hitec City and Gachibowli, the availability of one bedroom-hall-kitchen (BHK) units is almost negligible and the prices of 2BHK and 3BHK units range between Rs 35 lakh and Rs 3 crore-plus. Those looking to invest in a more affordable property can find 1BHK, 2BHK and 3BHK units in the range of Rs 20 lakh to Rs 1 crore in Manikonda.
The writer is managing director - Hyderabad, JLL India
