Lanco Hills is the first large-scale mixed-use property project in Hyderabad.
S.Venkata Rama Reddy, COO of Lanco Hills TechPark, explains about the prospects for mixed-use property projects in the city in this interview with Express. Here are excerpts:
What is the present status of Lanco Hills?
Lanco Hills is a first-of-its-kind, single-phase development project in Hyderabad. It is spread over 100 acres with premium luxury products within IT Park with ‘walk to work’ concept. It is an integrated township with 2, 3 and 4 bedroom apartments and villas. At present, 1,405 families live here.
How are prospects for mixed-use projects in Hyderabad?
Mixed-use projects in Hyderabad are steadily growing in numbers. Owing to multiple advantages and healthy demand, developers across the country are focusing their attention on this segment. Mixed-use projects are good for end-users as well as for investors. Lesser travel time to the workplace and proximity to commercial centres is a top draw for buyers. Moreover, a self-contained township offers peace of mind, safety and security for the residents with better amenities. From the point of view of a developer, the primary advantages of a such project are diversification, lesser risk and prospects of better returns.
How is the mood in Hyderabad realty now?
Hyderabad is predominantly an end-user market, therefore we don’t see any speculative price movement. The demand for homes here is going to far exceed the supply, thus giving the much-needed hope to the resilient realty sector in the city. We that the overall optimism in economy, growth and enhanced employment opportunities are going to be significant contributors to the demand for the residential real estate. The development of ITIR along with the other technology and industrial parks in and around Hyderabad are going to drive rapid employment generation. The efforts of TS government helped increase the interest of global corporates in Hyderabad, this should be a major boost.
Which segment is reporting good sales now?
Lanco Hills is doing well in residential space selling. In general, here, the commercial segment looks more attractive than the residential in the short to the medium term.