Hyderabad: Once a no man’s land with a barren and rocky terrain, Gachibowli has now become the most sought after place for real estate. With major IT companies setting up their campuses and setting up of high-end shopping malls, street food joints, hospitals and five-star hotels, the whole stretch has become the crown of Hyderabad’s western corridor.
Residential spaces in close proximity to Gachibowli are being made available at for not less than Rs 1 crore and if you are looking for a spacious apartment or villa then you will need to shell out more. Considered to be part of the centre of the city, these areas are now being tagged in the premium segment.
“Within city, getting a house for an affordable cost of Rs 40-60 lakh is not possible. If one is looking to buy then they need to shell out a minimum of Rs 1 crore in areas like Gachibowli, Kondapur, Madhapur and others,” says G Ram Reddy, national V-P, Credai.
According to Madhusudhan Reddy, MD, Dwelton Reality, the reason for such high prices of property in areas closer to Gachibowli is due to high rise in land prices in the last 3 to 4 years. “Also, there is an increase in raw material cost like steel and cement and low availability of labour in the post Covid world,” he says.
Kalisetti Naidu, real estate space analyst and CEO, Yards and Feet Property Consultants, adds these areas have economic drivers like big companies making it convenient for people to walk to work, easy availability of hospitals, high street food and shopping areas and big star hotels.
“These economic drivers will support the price being quoted by developers. However, till now, Chandanagar, Ameenpur, Miyapur and the BHEL quadrant do not have any big economic drivers. So, buyers who cannot afford Gachibowli will flock to these areas,” Naidu says and adds that Manikonda in the last 10 years has seen three times rise in property prices.
However, the mid and budget segment buyers need not be disappointed. A few kilometers away is Chandanagar wherein one can still explore a flat at budget prices and even Kollur, about 25 minutes from Gachibowli, is bustling with real estate activity. And a little further away is Velmala which is also seeing a good supply of budget-friendly spaces, at least for now.
“A few portions of Chandanagar, Ameenpur, Miyapur and the whole BHEL quadrant one can look for budget apartments. Many developers are looking at these areas to build value housing and with the impact of RERA they are looking to realize the inventory on a faster pace,” says Naidu and adds that in Bachupally – which is still an untouched area – people are slowly constructing small segment villas in the range of Rs 75 lakh to Rs 1 crore.
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