HYDERABAD: With the IT sector in the city creating numerous employment opportunities, rental values are soaring in areas like Hitec City, Gachibowli, Kondapur and Miyapur. As people are looking to shift to these areas in numbers to live closer to their place of work, several townships, gated communities and tower projects are underway.
“Rental values are appreciating because of the migration of IT professionals. There is a constant growth in the real estate industry and retail & automobile prices are also picking up,” said Narotham Reddy, general manager (marketing) at Cybercity Builders and Developers Pvt Ltd.
Rents of residential spaces are ranging from Rs 12,000 to Rs 30,000, depending on the area and interiors. The rent for an unfurnished two-bedroom apartment costs between Rs 12,000 and Rs 15,000. It ranges from Rs 15,000 for three- and four-bedroom apartments.
“Rental values have seen constant appreciation in the last five years. We would see constant and practical growth in these areas as there would be end-users and investors. I would expect the demand to continue in the forthcoming years as well,” observed Narotham Reddy.
Apart from residential spaces, rents of offices are also on the rise and builders feel that this only likely to increase further. “Rental values have certainly been on the rise and currently regular office space costs Rs 30 per sq ft, while an office with furnished interiors would cost about Rs 45 to Rs 50 per sq.ft. For residential, the cost would be around Rs 15 to Rs 20 sq. ft. Things are likely to grow further and positive waves are visible,” said Jaiveer Reddy, managing director, Ashoka Developers and Builders.
IT professionals are equally excited about moving there and feel that it’s a matter of convenience more than anything else. “I just moved to Hyderabad, along with my wife, from Pune. I currently live near Shivam Road but my office is in Hitec City and my wife’s office is in Gachibowli. Commuting during peak traffic hours is a huge hassle and with several apartments and townships in these areas, I am looking to move to those areas,” says Aditya Shivram, an IT professional.
Builders feel that areas near Hitec City and Gachibowli are attractive destinations for people to live in as there are several malls, supermarkets and restaurants in the area. Closer proximity to work is an added advantage.