HYDERABAD: The spill over effect of Madhapur, Kukatpally and the gradual north-west expansion of the city has brought Miyapur-Chandanagar belt into the limelight. It has gone through a transformation over the years, from sparse residential colonies housing employees from the nearby industrial localities into a bustling residential and commercial centre. It has been one of the rapidly growing suburbs in the city post 2006-07. Proximity to the IT corridors and improving infrastructure facilities have proven to be advantageous for this locality and they, in turn, have supported rapid residential and commercial development in the area over the last six to seven years.
Affordability is an important factor in residential development. Miyapur, Chandanagar, and surroundings are considered to be one of the most affordable localities in the city. They attract a large pool of young, early to mid-career professionals as well as government employees, retirees who prefer residential developments that provide better value for money. People working in the private sector, especially in multinational organisations, make up a sizeable portion of Miyapur and Chandanagar. The average capital value is in the price band of Rs 2,500-3,500 sqft for a mid-end apartment and has witnessed a 10 per cent year-on-year price appreciation in 2013. The residential prices here are still 15 to 20 per cent lower compared to Kukatpally, Madhapur, Kondapur or Gachibowli.
Approximately 800-1,000 units in mid and high segments together were launched by major developers during the last two years. Builder floor apartments as well as organised developments offer several options for end users and investors. For the next three to five years, it will be one of the fastest growing and preferred locations for residential developments in the western quadrant of the city mainly because of its good infrastructure, be it internal roads, hospitals, schools and other institutes of higher education, retail outlets, MMTS, quicker access to Outer Ring Road (ORR) or upcoming metro rail.
On the retail front, demand for space has more than doubled due to spurt in residential apartment over the last three to four years. Popular F&B, apparel and electronics brands have opened their stores over the last 12 to 18 months and several other brands are exploring options. At present, branded retail outlets are confined to stand alone retail developments on high streets but very soon, we expect them competing for space in the upcoming shopping centres. At present, the area lacks multi-functional spaces that offer an overall shopping and entertainment experience to customers and given the large scale residential base within the surroundings, there is a potential for organised, large scale retail developments in this locality. Miyapur-Chandanagar and surroundings are likely to witness a complete makeover with the upcoming metro rail and the large scale integrated development it brings in over the next three to five years. Availability of vacant plots in the vicinity hold good scope for future developments.