The real estate boom in Hyderabad is bound to take place, despite the fact that it has been bit late than other cities such as Bangalore and Chennai. There is optimism amongst buyers, especially after the end of political turmoil started owing to the division of Andhra Pradesh. A steady growth has been seen recently in the number of property purchases in the city. This growth has been substantial enough to make some of the biggest property developers in the country sit up and take notice. Realty majors like DLF and Unitech of Delhi and Hiranandani of Mumbai have already announced projects, and many other biggies are planning their property development in Hyderabad real estate markets.
Upcoming Areas due to the IT Boon
IT/ITeS have led growth both commercial as well as residential property segments across the city. Software players like Satyam, Microsoft, Infosys and Google have huge development centres in Hi Tech City and Gachibowli. This area with its excellent infrastructure boasts of high-speed connectivity to an upcoming international airport here. As a result of this development, the property prices have increase largely in the area.
To cater to the IT population, a number of property developers have also announced new residential properties in these regions. The region opposite HiTech City, Kukatpally has been developed by the city administration with good roads ensuring connectivity. As a result, Kukatpally is today the hottest destination for residential property development in Hyderabad city.
Property Values Rising Even in the Outskirts of the City
Even areas on the outskirts of the city are becoming increasingly popular. Besides being away from the noise pollution of the city these areas now also have better connectivity to the city. Hence commuting and connectivity is no longer a major factor one requires to consider before making a purchase. Now with good roads and highways, travelling outside city limits is no more an arduous task making townships a good option.
The Shamshabad area of the city will have a number of SEZs, commercial and residential properties all amounting to a total investment of Rs 30,000 crore, if things go as planned.
Considering the upcoming airport other facilities such as convention centers, ring road and a seven-star hotel with golf course have been proposed by the Emaar Group. This will also make Hyderabad the destination to conduct business.
Government Initiatives Boosting Property Purchases
The state government has also provided further benefits to the real estate growth by periodically conducting auctions of litigation-free, government land through Hyderabad Urban Development Authority (HUDA) that ensures developers transparent, hassle free land transactions with clear deeds.
The residential properties segment is seeing new heights with many upcoming new villas and luxury condominiums. The growth in Hyderabad real estate sector has fuelled other economic sectors such as retail. The city is increasingly becoming a promising place for real estate and Reliance Retail, which made its grand beginning in the city, has already opened 21 outlets across the city. So, this is indeed a fine time to invest in a market like Hyderabad, where the rates are far from saturated, and returns on investments are really promising over next 3-5 years.