Hyderabad Real Estate Scenario
Being the fourth most populous city of India, Hyderabad has always been a major real estate business destination. After the bifurcation of Andhra Pradesh, there has been rapid development in the city of Hyderabad. It will be further enhanced as the situation is clear now. But, there are some factors that have shaped the Hyderabad real estate scenario. Here, we will talk about the recent past developments, present developments, and future prospects of Hyderabad real estate.
From 2010-2014, there was an uncertainty over bifurcation of the state of Andhra Pradesh; the Hyderabad real estate witnessed a negative impact. The political unrest in the state affected the developers. There was a decline in the property market prices. The Hyderabad real estate scenario was oversaturated. There were too many real estate projects in progress, and some were on the verge of completion. But, the buyers were hesitant in investing their hard-earned money.
On 2nd June 2014, bifurcation of Andhra Pradesh led to the creation of two states – Andhra Pradesh and Telangana. The political uncertainty was finally over and the political stability was revived. Hyderabad was declared the permanent capital of Telangana. Government initiatives infused confidence in the developers and the buyers were more willing to invest in properties. Hyderabad real estate gradually came on the recovery track.
Major infrastructure projects have been announced by the government of Telangana. Construction of flyovers, Metro development, and availability of Grade-A offices are some of the major initiatives of the government. Hyderabad real estate saw a positive plunge due to these announcements.
Hyderabad is witnessing an IT revolution. After Bangalore and Pune, Hyderabad seems to attract a lot of IT investors in the city. This, in turn, has boosted the renting segment of the Hyderabad real estate. HITEC City, Cyberabad, Gachibowli, Madhapur, and other places have been identified for IT expansion. This factor has also revamped the real estate business in Hyderabad. Read more on the future of Hyderabad real estate.
Situation in Different Zones
We can discuss the Hyderabad real estate condition based on different parts of the city. Let us discuss it in detail:
- Central Hyderabad – This area encompasses localities such as Begumpet, Banjara Hills, Somajiguda, Jubilee Hills, and Panjagutta. Widespread social infrastructure, well-planned colonies, the presence of corporate offices, and connectivity to Mumbai Highway (NH-9) make this region, a posh zone of Hyderabad. The property rates vary between 4000 INR per square feet to 12000 INR per square feet.
- North Hyderabad – Bolarum, Kompally, and Marredpally are the major colonies if the region. This region lies on the National Highway 7. Along with this, recent industrial development has driven the Hyderabad real estate business. The property rates lie between 2200 and 5000 INR per square feet.
- East Hyderabad – Malkajgiri, Uppal, and L B Nagar constitutes East Hyderabad. Development of micro markets, proposed Metro Rail project, and the presence of Warangal Highway are the reasons for the Hyderabad real estate development. You can purchase property for as low as 1800 INR per square feet to 4500 INR per square feet.
- West Hyderabad – Gachibowli, Kompally, Alwal, and Medchal are the most prominent locations of West Hyderabad. This region is being driven by the IT development. Hence, both rental and purchase of properties have boosted the Hyderabad real estate development. The properties are available for 2500 -5000 INR per square feet.
- South Hyderabad – It comprises of Rajendra Nagar and Shamshabad. The property prices are comparatively low and they fluctuate between 2000 and 2500 INR per square feet. The development of Rajiv Gandhi International Airport, SEZ’s, JBS-Falaknuma Metro route are some of the major happenings in the region.
- North West Hyderabad – Kondapur, HITEC City, Kukatpally, and Madhapur are the major real estate destinations of North West Hyderabad. The transportation infrastructure development, Miyapur-SR Nagar Metro Rail stretch, and the presence of governmental institutions have boosted the Hyderabad real estate scenario. The property price fluctuates between 1800 and 6500 INR per square feet.
The in-depth analysis clearly indicates the future of Hyderabad real estate. As all the ambiguity is over, the future prospects are bright for both the developers and the buyers.