Hyderabad’s periphery new heart of realty

Little-known locations are providing a new dimension to property buying

Hyderabad: The rapid growth of the Hyderabad real estate encompassing newer and hitherto little-known locations beyond the city suburbs has started to provide a new dimension to property buying these days.

With its core exhausted, the city spread its reach wider and subsumed once sleepy outskirts such as Tellapur, Gopanpally, Narsingi, Nizampet and others.

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But then, the appetite of a city that is growing rapidly and developing fast is quite gargantuan! Thus, endowed with locational advantages and propelled by pro-active State government policies, Hyderabad’s real estate has been marching with such energy that in the last few years, even the earlier suburbs coalesced into the main city. And the quest for newer areas for development progressed to miles further down.

Hyderabad real estate market has remained buoyant, and last year recorded registrations of 68,519 residential units. A study compiled by Knight Frank India documented this for year 2022 and pointed out, “the city has recorded registrations of 68,519 residential units with a total worth of Rs 33,605 crore”. The Knight Frank India assessment for Hyderabad residential market included four districts – Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.

Interesting observations could be found from the assessment’s focus in the month of December 2022. Among the four districts that comprise Hyderabad residential market, it was Medchal-Malkajgiri which led the table in terms of home sales registrations with 42 per cent followed by Rangareddy district with 36 per cent. The share of Hyderabad district in total registrations during December 2022 was just 16 per cent.

The home sales registration data reveals the scale of property acquisition happening in the new areas that are located a bit away from the city core.

The availability of vast land tracts in the adjoining areas has provided the developers and buildings to seek to tap into the potential of the new suburbs and the investors, too, have been excited at the prospects.

There was a time, not long back, when the common refrain in the property market used to be that the farther you move from the city core, the more affordable the property prices will be.

However, that seems to be no more the situation as one finds the prices of residential units, both built and those under construction, moving up the graph quite fast and striving to close the gap with the price list of already developed locations.

There seems to be some sort of harmony between property developers’ initiatives and property seekers’ enthusiasm in the new areas/new suburbs. It is also being driven to a large extent by the young investors looking to put their money into secure property that will grow over the years.