HYDERABAD: Located in the western part of Hyderabad, Srinagar Colony has witnessed continuous real estate development. The consistent demand is generated by the working population of the nearby Madhapur Srinagar Colony which was originally a habitat for government gazette officers. However, the old independent houses of the officers are giving way to new multi-storey apartments built by developers and builders.
The residential property market of Srinagar Colony consists of multi-storey apartments and residential houses. The capital value of these residences is between Rs 50 lakh to Rs 2 crore plus. Vikranth S, a real estate broker of SVS Property says, “Srinagar Colony is considered a premium residential area in Hyderabad. It is ideal for people working in the Hi-Tech city, Himmat Nagar and Madhapur. The place is also favoured because of its developed transport network, connecting it to all parts of the city.” Rent in Srinagar Colony is between Rs 7,000-30,000 per month. Ravindra Reddy, a realtor of UNeed Estate says, “The commercial and residential rental value of this locality increases consistently every year. Since the last quarter (Jan-Mar 2013), the rental value has increased by eight per cent.”
Real estate developers involved in Srinagar Colony are Jayadarshini Housing P Ltd, Capstone Construction P Ltd and Vasavi Nirman Developers, among others.
The social fabric of the locality is well developed. It consists of restaurants, supermarkets, banks, malls, IT companies, hospitals and petrol pumps. The popular mode of transport of Srinagar Colony is APSRTC buses. Setwin service, a mini bus service, is also popular amongst the locals. It is also linked with other parts of the city by Begumpet MMTS Railway Station.
Zubair Bin Sayeed Baghazal, Proprietor of RZ Home Property Brokerage says, “Srinagar Colony is the nerve center of Hyderabad, connecting the commercial and residential zones. It is a good locality in terms of the fundamentals of the area such as malls, shopping centers and educational institutions, hospitals and industrial area, connectivity with government and private companies and recreation areas.”