Hyderabad: Independent villas, apartments, high-end shopping malls and a range of restaurants have been growing in this part of the city. And no we are not talking about the mainstream IT corridor, but the silent but steady growth of real estate in the Northern corridor of Hyderabad – Kompally and surrounding areas.
From being the industrial corridor of the city a few years back, the Northern part of the city has now become the new destination for budget property and has a myriad of properties available for sale.
The government’s push through the Growth in Dispersion (GRID) policy has also boosted the development of real estate in the north. Last year, the Telangana IT Minister also announced the setting up of an IT Park in Kompally and informed that this will allow the city to grow in dispersion. Through the GRID policy, the government is looking to incentivise firms setting up shop away from the Western corridor – where a major part of the IT industry is present.
“The Northern corridor was always the hub for small and medium enterprises and a lot of small scale industries were the highlight of this side. However, over the span of six to seven years, the corridor has seen a boom in major real estate infrastructure ranging from apartments to villas to a few office spaces. And the major attraction of this side is the growth in land sales wherein developers and customers are more keen in selling and buying small plots wherein the latter can construct independent houses of their choice,” says Kalisetti Naidu, real estate space analyst and CEO, Yards and Feet Property Consultants.
Many IT employees, who used to previously prefer owning a property closer to their office i.e in the Western corridor, are now slowly looking at the northern part of Hyderabad. This is happening mainly due to the ease in road connectivity due to the ORR.
Recently, a real estate development company Sahiti Group announced its plans to set up mixed township deluxe projects in Kompally, Bachupally, and Pati. Aparna Constructions, which has four projects in Kompally, announced an investment of Rs 450 crore into their newest project in Telangana – Aparna Kanopy Yellow Bells which is located in Kompally.
Naidu also mentions that from Suchitra to Medchal stretch there has been a spurt of retail activity with many amenities. “The ORR connectivity has eased a lot of travel time to the Western corridor and the Balanagar flyover has also reduced traffic congestion and decreased travel time towards Kukatpally. The industrial belts of Jeedimetla, Gundlapochampally and Bachupally are the major economic drivers and the mid-segment budget is playing a major role for the region’s growth,” he says.
Type Price (per sq ft)
2BHK apartment 2,500 – 3,500
3BHK apartment 3,500 – 4,500
4BHK apartment 4,700 – 5,000
*Source 99acres.com listing