Hyderabad: Real estate developers are hard-selling open plots in the city outskirts. While many of them are far from the city, the developers are convincing the buyers that in a period ranging from five to ten years, their investments will go up many times.
A phone call or message is all the developers need to send a cab to prospective buyers’ home for a site visit. It is not uncommon to see tents pitched up in the ventures and an assembly of marketers, armed with brochures and layout copies, and getting busy explaining to the customers who trickle in. There is also a working lunch arranged at most of the ventures.
There are a string of projects coming up along the Srisailam Highway. There are projects happening at Shadnagar. The road from Patencheru-Bhanoor towards Vikarabad has already turned into a premium location. Likewise, there are projects happening from Sangareddy towards, Sadashivpet and further to Zaheerabad, which is the border between Telangana and Karnataka’s Bidar.
While the south zone has been a realtors’ favourite for some time now owing to the big ticket projects, the western part of the city beyond Patencheru is blossoming into a real estate hub, with IIT-Hyderabad guiding the investments in that regions.
There are also many developments on the Shamirpet-Ghatkesar road, particularly around Kesara. Changicherla, which is known for livestock market as well as many industries, too is seeing open plotted projects. On the north side, there are projects past Medchal, Podur and other villages.
Costs and expansion
The costs are going up as most developers are getting into joint development models with landlords. Also, they are spending big on creating the infra in ventures, according to P Rama Krishna Rao, President, Credai Hyderabad.
The developers are going far-off places as there is not much land available within the city. The growth will continue as the demand is rising, he said.
The developers are using the FOMO- fear of missing out- technic on the buyers. The indicated price is steadily increased if the buyers delay their decision. They are also projecting new projects that are in the pipeline and say that the prices will grow manifold once these proposals take shape.
For instance, a resident of Secunderabad had a booked two plots, somewhere near Bhongir. She does not know the actual location of the plot. The layout is not HMDA approved. “They said Bhongir will develop in years to come. Some friends have invested in nearby villages,” she says the reasons for investing that far.
While the developer says the prices as appreciated to nearly twice the price she paid, the surroundings tell a different story. The place will take least 10 to 15 years to develop, she says.