Buying a plot of land in Hyderabad turns into pipedream
Are you a salaried employee and wish you could buy a plot in Hyderabad at an affordable price? Your wish is unlikely to be fulfilled as the land prices in the city have skyrocketed over the past few years.
Anywhere within the city limits from Hayathnagar in the east to Tellapur in the west and Kompally in the north you can’t buy a plot for less than Rs 50,000 per square yard. This means that if a buyer wants to build an independent house on 200 square yards in any part of the city, he or she would need to spend at least Rs 1 crore to buy land.
According to city-based realtors, the prices of plots were somewhat affordable before the pandemic. In the last two years, the prices have almost doubled. The land valued Rs 30,000 per square yard two years ago is now worth Rs 60,000 - Rs 70,000 per square yard. Even in areas like Isnapur and Ghatkesar, which are almost 30 to 40 km away from the city centre, the plots are being sold for Rs 25,000 per square yard.
Those who dream of owning an independent house at an affordable price have no choice but to move around 50 km away from Hyderabad towards Bhongir, where land sells at around Rs 15,000 per square yard.
Speaking to the TNIE, Ch Ramchandra Reddy, chairman of CREDAI Telangana, said that many buyers are investing in these plots for their future. “There are no affordable plot in the city after the pandemic. If buyers want to purchase plots for a lesser price, they go for GHMC, HMDA, and DTCP layouts recognised by the government,” he said.
If the land is at prime locations like Banjara Hills and Jubilee Hills, a 100-square-yard plot costs over Rs 3 crores. In top residential areas like Marredapally and Tarnaka, open plots would cost anywhere between Rs 1 lakh to Rs 1.5 lakh per square yard.
Land plots within Hyderabad city limits cost at least Rs 50,000 per square yard In top residential areas like Marredapally and Tarnaka, the price of land goes up to Rs 1.5 lakh per square yard.
Cost of plots in some areas have doubled from Rs 30,000 to Rs 60,000 per square yard after the pandemic.
Affordable plots, priced around Rs 15,000 per square yard, are available 50 km from the city centre near Bhongir.