HYDERABAD: Packed with industrial offices and manufacturing units, Balanagar is slowly turning out to be a sought-after residential hub. Realtors believe that there is a steady demand for one-bedroom, two-bedroom and three-bedroom apartments in Balanagar, which lies in the northwestern part of Hyderabad, largely due to the precence of a large number of industrial offices.
“Middle class sections and employees of industrial areas are looking to purchase flats in areas like Balanagar and Jeedimetla,” said Jaiveer Reddy, managing director, Ashoka Developers and Builders. As per the Housing Sentiment Index, an IIM Bangalore-Magicbricks initiative, to study the buyer sentiments, almost 83 per cent of buyers prefer multi-storey apartments, closely followed by plots. At a time when the majority of the city’s population is switching towards multi-storeyed buildings, surprisingly 49 per cent buyers demand residential houses in Balanagar.
“Since it is an industrial area, there are a lot of offices available in the region and each of them needs employment and fresh recruitments take place regularly. Many of the apartment dwellers look to stay closer to their workplace and as a result, there is a greater demand for residential areas in this region,” observed Ram Reddy, chairman and managing director, Ram Ark Builders.
According to realtors, an average two-bedroom apartment costs around Rs 30-40 lakh. “The cost of an apartment varies from Rs 2,700 to Rs 4,000 per sft based on the quality of construction,” points out Sumit Sen, director and manager of sales, Prajay Engineers.
Prospective buyers, on their part, are happy with the real estate prospects and have no hesitation moving in there. “It may not be in the heart of the city but it’s fairly well connected. The prices are affordable. There is scope for more development too,” said Mohammad Ashraf, who works at a pharmaceutical company in Balanagar.
Realtors believe there is tremendous growth potential in Balanagar and Jeedimetla in future. “There is already an industrial estate in Balanagar and Jeedimetla and with the road leading to CM’s Gajwel constituency, many industries are likely to be set up there which will enhance the real estate sector as well,” Jaiveer Reddy added.