High demand for high-rises in Hyderabad
Hyderabad: Tall buildings that play hide and seek with clouds are touching the sky in Hyderabad. Many property buyers are looking at investing in the topmost floors of these buildings that are called high-rises. With a greater demand for these high-rises many developers are also looking building them even as the city witnessing exponential growth […]
Hyderabad: Tall buildings that play hide and seek with clouds are touching the sky in Hyderabad. Many property buyers are looking at investing in the topmost floors of these buildings that are called high-rises. With a greater demand for these high-rises many developers are also looking building them even as the city witnessing exponential growth in the real estate segment.
High-rise buildings are typically those buildings that are 10 floors and above and Hyderabad is home to many such buildings which are mostly located in the Western corridor with areas like Kokapet, Nanakramguda and Financial District, among others.
“The high net worth individuals (HNIs) and NRIs are the prospective buyers for the apartment in high-rise buildings as they are used to living in open spaces. Also, the top most floors in these buildings are premium priced and many are also looking at having an entire floor for themselves,” says Kalisetti Naidu, real estate space analyst, Yards and Feet Property Consultants.
According to a recent report by Anarock, Hyderabad has witnessed the highest increase in high-rises share in new launches among the Southern cities with almost 41 per cent growth in 2021. The report suggests that out of the 140 projects launched in the city in 2021, 57 were high-rises. However, the report also shows that there has been a percentage decline in the share of high-rises in new launches. The high-rises share in new launches in 2020 and 2019 for Hyderabad stood at 51 per cent each.
In cities like Bengaluru and Chennai in 2021, the share of high-rises in new launches stood at 36 per cent and 10 per cent respectively. The report informs that vertical growth, one of the most defining characteristics of Indian urbanisation in over a decade, has become Indian real estate’s latest Covid-19 ‘casualty’. Latest research reveals that among new projects launched since 2019, the share of high-rises had shrunk to 52 per cent in 2021 against 63 per cent in the pre-Covid year.
However, the flipside is that in cities like Hyderabad where vast amount of land is available in areas around the ORR, plotted developments is also taking shape. Plotted development is a trend wherein developers take up large chunks of land to construct independent houses, villas along with access to lush greenery.
The Anarock report informs that in the southern cities, the high-rise culture is declining while demand for plotted developments has been on the rise after Covid-19. Many developers have begun focusing on plotted development projects. On the trend witnessed in this segment, Anarock Group chairman Anuj Puri says, “We are seeing a clear shift in homebuyer preferences towards independent floors in key NCR markets like Faridabad and Gurugram. The trend in the key southern cities of Bengaluru, Hyderabad, and Chennai is towards plotted developments.”
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