High-rises transform Hyderabad Old City’s skyline as demand for flats surges
Rising land prices and growing demand for affordable housing are driving a surge in apartment construction across Hyderabad’s Old City, with high-rises replacing independent homes and offering steady rental returns for investors and middle-class buyers.
Hyderabad: High-rises are fast dotting the skyline in the older parts of the city. Thanks to the growing preference for flats from middle-class groups, the apartment builders and real estate developers, seeing it as an opportunity to capitalise on the need, are raising tall buildings.
In the last few years, while the real estate activity paused elsewhere in the city, in the southern areas, primarily the older parts of the city, tall concrete structures came up.
Areas falling alongside the inner ring road, such as Attapur, Rajendranagar, Chintalmet, Aramgarh, Bandlaguda, and Chandrayangutta, to its credit, have many big apartment buildings where a 2BHK flat of 1,000 to 1,200 sqft area demands a price of Rs 50 lakh to Rs 60 lakh.
In localities such as Falaknuma, Shah Ali Banda, Hafiz Babanagar, Khilwat, Bahadurpura, Edi Bazaar, Moghalpura, Hussainialam, the prices of flats are a bit less owing to congested roads and chaotic layouts.
In the core city areas of Bazaar Guard, Aghapura, Mallepally, Asifnagar, Malakpet, the prices are on par with the properties in the prime areas such as Mehdipatnam, Masab Tank. “A 2 BHK on 1,200 sqft is available for a price anywhere between Rs 60 lakh and Rs 70 lakh,” said Mohd Aslam, a real estate developer.
“If you are renting out a 2 BHK flat, a monthly rent between Rs 13,000 to Rs 15,000 is guaranteed in areas of Moghalpura, Chandrayangutta, Falaknuma, while the rent is a bit higher in Asifnagar, Mallepally. A 3 BHK flat ensures a rent of around Rs 18,000 to Rs 22,000 in the Old City, excluding maintenance charges and power bills,” informed Mohd Riyaz, who runs a rental agency.
One of the reasons for people to prefer flats over independent houses is the rise in land values. “A square yard of land at least a kilometre away from the inner ring road commands a price between Rs 1 lakh to Rs 1.20 lakh. The land rates will be slightly lower in the interior areas,” said Mohd Rafathullah, of MK Associates.
“Not all families can afford to build an independent house. So many are buying flats. A few NRIs are also investing in properties,” said Nizam Khan, another builder.
