HYDERABAD: Even as real estate demand continues to soar in central and west of Hyderabad, developers are keen to boost the residential sector in industrial corridors such as Balanagar, Jeedimetla and Uppal. These areas, which are packed with industrial offices and manufacturing units, are slowly turning into residential hubs. Favourable prices and proximity to offices have resulted in a steady demand for residential spaces in these areas.
“A lot of middle-class people and employees of industrial areas are looking to buy flats in areas like Balanagar and Jeedimetla,” said Jaiveer Reddy, managing director, Ashoka Developers and Builders. According to a recent survey on buyer sentiments in Hyderabad, almost 83 per cent of buyers prefer multi-storey apartments, closely followed by plots. At a time when a majority of the city population is switching to multi-storeyed buildings, surprisingly, 49 per cent buyers are looking for residential houses in areas like Balanagar and Jeedimetla.
“Since these are industrial areas, there are a lot of offices available in the region. Fresh recruitments take place regularly and many employees 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.
Realtors say an average two-bedroom flat costs around `30-40 lakh. “Given the number of industrial offices in the area and the demand, the cost of a flat varies from `2700 to `4500 sft based on the quality of construction,” points out K Hari Babu, a realtor in Balanagar.
Prospective buyers, on their part, are also happy with the real estate prospects in the area and have no hesitation in moving there. “It may not be in the heart of the city but it’s fairly well connected. The prices are affordable and because of the presence of industries, there will always be population. There is scope for more development too. So, I expect the market value to rise even further,” opined Mohammad Ashraf, who works at a pharmaceutical company in Balanagar.
Realtors believe there is tremendous growth potential in areas like Balanagar and Jeedimetla. “There is already an industrial estate in Balanagar and Jeedimetla and with the road leading to CM’s constituency, many industries are likely to be set up there,” Reddy said.