Property demand remains high in Hyderabad
Among the new generation of cities, Hyderabad has emerged as one of the most favored destination for doing business, settling down and also real estate growth. Post 1990’s a new era emerged in terms of real estate growth and development. Economic Reforms pushed ahead an aspiring super power into infrastructural progress like never before. Real estate in Hyderabad too witnessed stupendous development making it a Metro city. The development of new cities brought with it growth areas that were not seen before or imagined and the coming up of new metro towns, than the proverbial 4 metros that the sub-continent had prior to the 1990’s. These new cities developed on the basis of industry, infrastructural, business and consumer led growth. The coming up of the IT industry and its effect on the other aspects of the economy like housing, commercial spaces, entertainment hubs etc. was a real estate revolution like never before.
Hyderabad being a preferred city by the MNCs to invest and establish offices here got a major real estate boost. Real Estate in Hyderabad was revolutionized like never before.
In order to attract investors from abroad, the state government made a sustained effort to develop the basic infrastructure of the city and one of the major and initial step in this was the development of the Hyderabad International Airport, which is now a swanky airport renamed as Rajiv Gandhi International Airport. The roads and other public utilities were improved to give it look of an international city and that indeed help a lot of IT MNCs migrate here.
Lots of opportunities
With the increase in the number of MNCs in the city, the employment opportunities increased and so did the number of professionals migrating from other cities to the city of Hyderabad. There was a sudden increase in the population of the city and this led to the expansion of the city and outer areas and suburbs were developed to accommodate the professionals working with these MNCs. The property market of Hyderabad was buzzing with activity suddenly.
Property Prices
Hyderabad has many areas now which are newly developed and as the city is often divided into Old Hyderabad and New Hyderabad, the new areas became more prominent because of their proximity to the newly developed IT and commercial hubs. For example a flat in Gachibowli became a valued possession due to its proximity to Whitefield and the IT city. If we talk about the current realty prices in the city then they range between Rs 1900 per square feet to Rs 8500 per square feet (March to June 2013 figures). The latter prices pertain to the new properties developed near commercial hubs and the former prices are prevalent in old Hyderabad where there are still thin by lanes and crowded market places.
Realty Trends
The property growth trends indicate an increase in the property prices as the city continues its tread towards development. The recent past has reaped rewards for the real estate in Hyderabad and is likely to contribute further to the growth and development of the city. With the city of Hyderabad now being counted among the metro cities of the country, the future looks all set for this rapidly modernizing city. The last quarter saw a growth rate ranging between 8 per cent to more than 200 per cent for certain properties which are high end or located near commercial hubs (March to June 2013 estimates). The new Hyderabad is leading the infrastructural growth in the city and will continue to do so in the years to come.
Anupam has been writing resourceful articles for the avid readers who wish to learn more about Indian real estate. The above article by Anupam discusses about 1 or 2 bhk flat in Gachibowli Hyderabad. Ample research has been done in order to compile the given data and present an overview of the industry.
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