Despite being overcrowded with a host of residential projects, the western corridor of Hyderabad has remained the most active sub-market for the realty sector as it accounts for over 50 per cent of home launches.
Locations such as Nallagandla, Narsingi, and Puppalaguda in the western corridor have turned out to be favourite haunts for home buyers and accordingly, many developers are coming up with new launches. These locations within the western sub-market are expected to see a further upswing in new launches and sales activity in the near to medium term, due to their proximity to the thriving IT corridor.
According to Cushman and Wakefield, Kondapur, Manikonda, Nanakramguda, Narsingi and Tellapur witnessed an increase in launch prices compared to the last quarter. This has been caused by strong growth in housing demand at these locations, particularly in the mid-segment 2BHK configuration units.
City-based realtors said areas such as Kokapet, Peerancheru, Gopanapalli and Nalagandla are seeing the most development activity. The home buyers are preferring to be close to the office hubs of HiTec City, Gachibowli and Nanakramguda in the commercial core of the city.
Priced Rs 1 crore and above
“Though the prices of properties were one of the costliest in the Greater Hyderabad Municipal Corporation region, buyers are not hesitating to buy homes and spending over Rs 1 crore for a flat. A 2BHK in west Hyderabad costs over Rs 70 lakh, whereas the cost of a 3BHK ranges from Rs 1 crore to Rs 1.5 crore,” said a city-based developer.
Almost all top developers like My Home, Rajapushpa, Cybercity, Ramky Group and Samudhara are bringing many new home launches to cater to the needs of buyers in west Hyderabad. A report by Knight Frank said Aparna Constructions and Estates, Myscape Properties, High Rise Construction and Maram Infra Projects were among the developers active in West Hyderabad, with 62 per cent of their units having been launched there.
While low borrowing interest rates and greater affordability were the primary drivers, the fact that Hyderabad’s homeowner base comprises an IT workforce that has been mostly unscathed by pandemic-related interruptions, also played a pivotal role. The main micro-locations in west Hyderabad were classified into Kukatpally, Madhapur, Kondapur, Gachibowli, Raidurgam and Kokapet, the report added.