Telangana: Realty firms go extra mile to woo buyers
Hyderabad: With Telangana emerging as a hot destination for real estate investment not only for people from within the State but also for investors from other States, realtors, projecting the Outer Ring Road as a success story, are wooing prospective customers to invest in lands in areas beyond Pragnyapur, Jagdevpur, Zaheerabad, Shadnagar and other peripheral […]
Hyderabad: With Telangana emerging as a hot destination for real estate investment not only for people from within the State but also for investors from other States, realtors, projecting the Outer Ring Road as a success story, are wooing prospective customers to invest in lands in areas beyond Pragnyapur, Jagdevpur, Zaheerabad, Shadnagar and other peripheral areas.
The firms make arrangements for a car ride from the customers’ house to the venture sites besides offering EMI schemes upto 100 months to the customers. “We are developing a big venture. One part of it has the layout sanctioned. In three months, we got more than 1,000 bookings,” said a representative of the company, which is coming up with a venture near Jagdevpur.
The price begins a tad lower than Rs 5,000 per sqyd for payment made within two months. It goes up from Rs 5,300 for a tenure of below three months to Rs 6,200 per sqyd for a term ranging from three years to 60 months. The price goes up to Rs 6,500 per sqyd for tenure over five years to up to seven years or more excluding the registration expenses.
There are also some milestone payments to be made. The projects are converting agricultural land converted to residential land for making the ventures. The real estate players are banking on their proximity to educational hubs, SEZ, Yadadri temple, and other big projects and infrastructure developments. In the southern part too here are many projects happening in the Kondurg, Kandawada and surrounding places. Here, they are pegging the Pharma City as the growth engine. In the east, areas beyond Yadagiri Gutta and in the west areas beyond Sangareddy are being shown.
Reverse migration
There is a trend wherein the city dwellers are looking to buy a plot in villages. This is in reverse to the trend of villagers coming to the cities from their native villages. Depending on what they can afford, these locations are becoming destinations for farm houses, plots for taking up vegetable cultivation, weekend homes or just taking plots as investment to exit at an appropriate time.
Busy Sundays and FOMO Most of the peripheral areas are now seeing huge tents getting erected complete with chairs and a lot of marketing communication material that is thrust to the prospective customers. The one way trip to the peripheral areas is about two hours from the city. The `site’ seeing followed by working lunch takes another hour to two and the trip back to the city happens in the late afternoon.
From the next day, the follow-up calls start. The prospective customers are fraught with the fear of missing out. Some are willing to bide their time for eight to ten years or even more for them to see any meaningful appreciation in the price. However, the entry price and installment schemes offered by them are enticing the customers.
“The ORR will be a growth engine. There will be a lot of developments upto one km of either side of the close to 160 km ORR. This will take eight to ten years for fruition. The new areas shown are about 50 to 60 km from the ORR and it implies that it will take that much time and one should play a patient game,” said a real estate sector analyst.
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