Hyderabad: From single bedroom flats to luxurious duplex homes, from villas to open plots, name it and you will find it. The East zone in the city offers different options and caters to the requirements of prospective buyers from different income groups.
The West zone may still be the preferred destination for many domestic and commercial investments in the real estate sector but the East zone is not lagging behind. Not anymore, especially in terms of commercial space.
In fact, it is gaining momentum and is on the radar of many prospectus buyers planning to buy flats, villas, independent and more importantly open plots. Thanks to the State government’s ‘Look East’ initiative, it has fueled the real estate activity in this part of the city.
In tune with the State government’s initiative, Confederation of Real Estate Developers Association of India (CREDAI) Hyderabad last week conducted East Property Show. Over 62 stalls exhibiting 5,000 units, including commercial spaces participated in the expo, indicating the boom in the region. But why is the East zone suddenly on the real estate radar?
“It is not a sudden bubble or a new trend, it has been there since years. Now that the State government is consciously focusing on East zone by developing the required infrastructure, many builders and developers are coming up with different ventures,” says CREDAI Hyderabad General Secretary V Rajashekhar Reddy.
“Things like Hyderabad Metro Rail or Shilparamam do not happen overnight, the government was focusing on decongesting the development in the city and East zone suits the requirements of low, middle and high income groups. It is the best alternative in the city for development,” he says.
Areas like Uppal, LB Nagar, Keesara, Sagar Road, Adibatla, Vijayawada road have all the factors that are required to develop them as hubs for different sectors.
Already, IT giants like Infosys and others have their campuses at Pocharam. Efforts are on to get companies involved in research, financial, pharma and manufacturing sectors to this part of the city. Employees can board the Metro and reach their work places in Hi-Tec City, Kondapur and other hubs. Further the proximity with the Outer Ring Road makes it convenient for many opt East zone.
Apart from government initiatives, strong infrastructure and affordability give East zone an edge. Malls, restaurants, education institutes, wide roads, hospitals and others are available in plenty in this part of the city. Given the social and road infrastructure, rentals are well within the reach of different income groups.
Though, the East is predominantly opted for by residential buyers, commercial space absorption is also increasing steadily. Another 30 movie screens are coming up in 15 to 18 months in different areas of East zone and this is an indication of what’s in store, points explains Reddy.
Among all other factors, affordability and low pollution are the most crucial ones. Compared to West zone where the average price ranges from Rs 6,500 to Rs 8,000 square feet in the domestic sector, it varies from Rs 3,500 to Rs 4,000 per square feet in East zone.
“This is the ideal time for prospective buyers to buy their dream homes or invest in commercial space in East zone. The pace at which ventures are coming up here, it is only a matter of time that prices would escalate further,” suggests Reddy.