Nanakramguda, favourite for real estate investors
HNIs, NRIs looking to buy properties in this locality for better returns, rents
Hyderabad: The West of Hyderabad has been the most preferred destination for homebuyers since information technology (IT) boom began at HITEC City. In the Western part of the city, Nanakramguda Financial District is the favourite choice of investors across the globe. There is a huge demand for both residential and commercial properties here.
Surrounded by a large number of IT companies, business parks, special economic zones (SEZs) and big chunk of office space, this locality in Serlingampally mandal has attracted the property investors for many years. The recent infrastructure developments in the area have further pushed the cost of properties beyond the reach of a middle-class home buyer.
But high networth individuals (HNIs) and non-resident Indians (NRIs) are looking to invest in this locality. The IT professionals, bureaucrats, businessmen and other elite people are shifting here from the congested central parts of the city to lead a better lifestyle. Another major reason is the presence of hospitals like Care and AIG in vicinity.
Even the bigwigs of Telugu cinema industry also prefer Nanakramguda over Film Nagar, Banjara Hills and Jubilee Hills as it is close to Ramanaidu Studios. Recently, pan-India star Prabhas bought a two-acre property to build a lavish guest house here. Many other stars are investing in theresidential properties here due to the proximity to shooting spots.
"Though the business community lives in the city, they are investing heavily here for assured returns and rents. Those who have invested in 150-200 sq yard properties at Rs 1.75 crore five years ago, have sold off recently at Rs 4 crore. Now, individual plots are not available for construction of villas," said Vykunta Achary Erroju , a retired employee of Singareni Collieries.
He is scouting properties for his NRI son, who wants to buy a residential unit in the locality. As he couldn't get an individual plot, he waslooking for a 3BHK flat ina branded apartment project. As ready-to-move 2BHK and 3BHK flats were all sold out in the reputed ventures, he booked a 4BHK flat in a gated community.
The housing and construction activity is in full swing across all areas surrounding Nanakramguda Financial District. Gachibowli, Khajaguda, Manikonda, Kokapet, Narsingi, Tellapur and Kollur are other popular residential destinations. The real estate growth in this regionis backed by the IT industry and high rental values in this part of the city.
Golf Edge Residence, Prestige High Fields, Ashoka Liviano, Mantri Celestia and My Home Avatar are some of the gated communities in this area. The flats are at a cost of Rs 7,000-7,800 per sft. However, premium flats in the middle of IT corridor start from Rs 9,000 per sft. Top-end amenities, high rental values and good connectivity to workplaces led to such pricerange.
Almost 99 per cent of the residential projects are gated communities with world-class amenities. Recently, Sumadhura Group and Vasavi Group jointly started construction of spacious 44-storey tower project The Olympus in Nanakramguda. The luxury residential units are being sold at a base price of Rs 7,500.
Madhusudhan G, Chairman of Sumadhura Group, said: "Despite numerous projects, the demand for housing in the West will be intact. Nanakramguda has great social infrastructure. Investment in this area is a safe bet."
"The real estate development has been happening across the Western part of the city, especially in areas close to Financial District," says Rajesh M Kumaraswamy, real estate consultant and former employee of Anarock Group. "Last year, the residential flats in gated communities were sold at Rs 6,800 and now the same are being offered at Rs 8,500 per sft."
He further said that the land rates in Nankramguda have steadily increased from Rs 2 lakh a sq yard to Rs 2.3 lakh a sq yard in the last couple of years. Compared to that, areas like Mokila and Shankarpally which are in outskirts witnessed drastic rise in land prices from Rs 12,000-15,000 per sq yard in pre-Covid times to Rs 40,000 per sq yard now.
"Appreciation will be in a different way in Nanakramguda region. The big chunk of land is available here at a price not less than Rs 60-65 crore per acre. Only reputed builders who are capable of developing high-rise apartments are buying the land here to take up construction of minimum 40-50 floors," the real estate consultant informed.
The buyers who want to buy villas are looking towards nearby village plots around Kokapet and Kollur. There is a gradual increase in rents also. The 2BHK rental accommodations are at high demand across the region. People who want to take homes for lesser rent go towards Gowlidoddy and Gopanpally, where they may get 2BHK at Rs 16,000-18,000 per month.