Hyderabad’s most happening corner

The Economic Times

July 19, 2019

Leemi.Keche@timesgroup.com

Himanshu Dhiman, a 28 year old software engineer originally hails from Bengaluru. It’s been 10 months since he moved in Hyderabad and he has already decided to buy his dream house here in Koridapur. He shares his excitement, “My parents and friends are in shock. They asked me to have a second thought. 1 believe it’s good to have second opinion and make deci­sion. Because buying a house is a lifetime investment and you don’t want to regret later. My parents could not digest the fact that I just moved in here and already de­cided to invest in a property. But I asked them, ‘Why not?'”

Like Himanshu there are many IT employees who are investing in a property just after moving to this city. Hyderabad offers a vibrant market and opportunities for all estate investors. Demand for properties in city is skyrocketing and certainly this is the best time to invest. Analysts are predicting phenomenal growth and FDI in the coming times.

Among India’s seven major cities, Hyderabad is the only one where property sales have grown by 32% from the average of 2013-2014 to 2017, according to a research by property consultant Anarock. From a real estate perspective, the West Zone in the city is an ideal location to in­vest in real estate business because it has been observed that this part of Hyderabad is the most coveted area and has hot spots for commercial property investments.
West Hyderabad has evolved into an attractive realty market, due to the presence of landmark residential projects,commercial facilities and organized retail development. Its proximity to the MMTS station and the Metro rail network will provide further impetus to the growth of this market

“Hyderabad has always topped the chart for best city to live in India beating other cities such as Pune, Bengaluru and Delhi. If you talk about the most thriving areas in Hyderabad, I believe it has to be the West Zone. Not just the presence of IT, but the younger crowd and the cos­mopolitan is what makes the West one of the best places in the city. There are many people who just stay for a month and they decide to buy a house,” says S Rami Reddy,CMD, SMR Builders Pvt Ltd.

 

A CITY QUADRANT THAT ROCKS!

The stability of government after the formation of Telangana in 2014 has paved the state’s way with growth in different sectors, especially the development of infrastructure. The Telangana government has proposed an investment of over Rs 35,000 crore for infrastructure development in the city. Furthermore, the city’s Outer Ring Road has helped in its multi-directional growth.

If you see one of the popular areas in the West Zone of the city such as Kondapur, the real estate in this area was less attractive till the Hafeezpet Flyover connecting Miyapur and Gachibowli was constructed. After this development, there was remarkable price appreciation of apartments in Kondapur. S Dinesh Kumar,GM, Shantasriram Constructions, says, “Gachibowli is connected to the international airport at Shamshabad by the Outer Ring Road and the Rajiv Gandhi International Airport by the Nehru Outer Ring Road. Also, Madhapur is just 20 minutes away from Gachi­bowli. The excellent connectivity to other parts of the city with the Outer Ring Road being just being 15 min away, TSRTC buses connect Madhapur with other parts of the city and the locality is also served by MMTS train service.”

 

THE POWERFUL IT PRESENCE

 

One of the major reasons which make the West Zone part of the city stand out among others is the powerful presence of the IT hubs. “Why would any­one stay in places like Banjara Hills or Uppal and travel all the way to Konda­pur on a daily basis? Hence, if s no wonder why the West Zone has huge demand for the properties,” says Priya Singh, an IT employee.
Not many years ago, the City of Pearls was considered a laid-back city since not many developmental activities were happening at that point of time. Not many talented people from outside considered Hyderabad as an option when it comes to career in IT sector. Areas such as Konda­pur, Gachibowli, Madhpur and other areas in West Zone used to be a rocky village. But once the developmental activity started taking place, there was no turning back.
This West Zone of Hyderabad houses some of the best companies in the world such as Amazon, Microsoft, Apple, Oracle, Google, Accenture, Delloite, Capgemini and various other companies which are increasingly expanding their base in this zone.

 

PURCHASING POWER

 

Thanks to the IT workforce which has enabled the working professional to have a better income. “The main factor for, investing in a house in the West Zone is the purchasing power of the home buyers. Since the area is blessed with the huge presence of multinational companies, the pay is obviously better. This allows people to invest in their dream home. Recently, we have seen a sharp increase in the demand for 3BHKs, independent houses and also villas. Most NRIs and entrepreneurs invest in villas which are 2,000 sq.ft. On an average, people generally buy 14,000 to 16,000 sq.ft apartments. Since these IT workers have better salaries, some of them are upmarket property buyers. They look for properties which are upgraded with all the latest amenities,” says P Koteshwar Rao, Magna Homes, Executive Partner.

 

THE MOST AFFORDABLE METRO

 

Hyderabad has grown into a commercial hub after the IT sector grew dramatically in the city. The top and growing locations such as Narsingi, Borabanda and Yousufguda road offer an array of modem residential housings with all the latest amenities at affordable price.           
Charulata Swain who recently bought a 3BHK flat in Miyapur shares her story, “We are a young couple from Bhubaneswar working in Hyderabad as IT profession­als. The prices in Bengaluru even for 1BHK were way too expensive. We decided to get a property in Miyapur because I believe this place has lot to offer. But most importantly it’s near to our working place.”
In just two years’ time, properties in the West Zone of the city like Kondapur, Gachibowli, and Hitech City have seen a price appreciation of 5% to 10%. Industry analysts are of the opinion that the state government’s infrastructure push will continue to drive the Hyderabad real estate market, which is expected to post a year-on-year appreciation of at least 10%.
If you are looking for an office space, according to the reports Hyderabad offers comparatively much affordable prices then other cities metro such as Bengaluru or Chennai.

 

A COSMOPOLITAN LIFE

 

The West Zone is not only hub for IT companies but it also houses some of the best relaxation spaces in the city. “You can go to any pub in Kondapur, you would be amazed to see people from different parts of the country and also from different parts of the world. You will notice how the English has become a common language with almost everyone interacting in this lan­guage,” says Eric Dayal, an IT employee.

When she moved to Hyderabad in 2015, Priyanka Dixit wasn’t really excited about leaving her happening life in Mumbai behind. It was a job in an IT major that brought her to the city, an opportunity and a package that the financial capital  of India could not match. But today, she has a different story to share. “Hyderabad is perfect It has the look and feel of a metro but at the same time offers the comfort of a town. I live in Gachibowli now and I am surprised seeing how affluent the place has become. This place makes me and my family happy” She adds with a smile on her face.

Kailash Lama, an event organiser says, “I think the Western part of the city has many things to offer. The crowd primarily consist of working professionals who are mostly in the age group of early 20s and late 30s. After a long day at work they like to relax and chill with their close buddies. Hence, the pubs and clubs in this part of the city offer a luxurious space to socialise. According to my experience one can find better crowd in this part of the city. Surely, it is the most happening place in the city.”