Suburban life in the Hi tech city of Hyderabad
Feb 12, 2014
Source : The Times of India

 

HYDERABAD: To get a quick view on the residential and commercial real estate in different Hi-tech city suburbs, and also see the merits in living in any of them, just run by our quick reckoner:

Kondapur

Kondapur has become as a significant mid-end residential hub, acting as a spill over for the congested Madhapur. Proximity to the IT and financial hub at Hi-Tech City and Gachibowli makes Kondapur an ideal residential location for those employed there.

Moreover, low average capital value in the range of INR 3,000-4,000/sf and low average rental value in the range of INR 12,000 – 14,000 /month makes it an affordable option. Prominent developers have already made their presence felt in Kondapur with mostly mid-end projects and a few high-end residential projects.

Considering the occupier demand, the Grade B and C commercial properties present in this area enjoy low vacancies.

Retail in Kondapur is dominated by main street type of development in Kondapur-Gachibowli road. Fuelled by the buoyant retailer demand the area will witness significant retail space influx.

Congested residential and main street developments are noticed on both sides of the Kondapur-Gachibowli main road but moving further inside, there is sufficient land which holds much scope for residential development.

Kothaguda

Being strategically located close to Gachibowli and Hi Tech city, Kothaguda is a vibrant residential and commercial location.

Few Grade B and C office buildings are present; commercial real estate is sparsely developed in this area, with mixed-use developments with retail on ground floor and office in other floors above.

Kothaguda is an affordable location with low rental and capital values in the range of INR 10,000 – 12,000 /month and INR 3,000-4,000/sf respectively. Both prominent developers and local builders have residential projects here. The area is dominated by main street type of development with presence of brands in all categories. Considering the buoyant demand for retail space, one mall, admeasuring 600,000 square feet is under construction and is likely to become operational by 2016. Kothaguda is anticipated to witness hotel supply in the coming years with hotel Hyatt being under construction.

Considering the upcoming social infrastructure, sufficient vacant plots and demand in residential and retail segments, there is much scope for development in future.

Kokapet

This has developed as a high-end residential location, mainly dominated by villas and high-end residential apartments commanding capital values in the range of INR 4,000-5,000 /sf. Though the area is not much developed in terms of social and physical infrastructure, residential projects from prominent developers providing ample lifestyle facilities makes it a high-end residential hub.

Considering the considerable residential demand, plots are being sold at high prices. There is scope for much development as major chunks of land still lie vacant.

High-end residential development will drive the retail sector growth in the future.

Khajaguda

The area currently has sparse residential development with mid-end apartments and few villa projects. However, its closeness to Gachibowli makes it a potential area for future development. Retail is also limited to mom and pop stores, just to suffice the need of the existing residents.

Nanakramguda

Nanakramguda has witnessed robust mixed-use developments which are commercial and residential in nature. Good connectivity with Gachibowli makes it a favourable commercial location.

The area is dotted with Grade A campus type development with IT giants like Infosys, Microsoft and Wipro having their own campus here.

Residential development is sparse, with few mid-end and high-end projects from prominent developers quoting capital value in the range of INR 4,000-5,000/sf.

Since the residential development is limited, the retail has not picked up yet. However, the area has potential for commercial office, retail and residential development due to its prime location and presence of high-quality infrastructure.

Nallagandla

Nallagandla has evolved as a residential hub, with many prominent and local builders launching residential units in mid-end and high-end categories, quoting a capital value of INR 3,000-4,000/sf. Retailers are evaluating space in this location due to the growing demand from the expanding residential catchment. The future of this area is linked to the prominence of Gachibowli; with Gachibowli becoming prominent, given its proximity, retail focus will shift to Nallagandla.

Nallagandla being primarily a residential locality, in future retail and residential real estate are anticipated to grow with limited scope for commercial office.

Narsingi

The area is dotted with integrated township developments from prominent developers, catering majorly to the mid-end and high-end segment having capital value in the range of INR 3,500-6,000.
Narsingi has recently been witnessing demand for bungalows and independent villas.

While office real estate is not present here, some retail development exists within the integrated townships. Improvement in social and physical infrastructure will act as a game changer for this area, as it already has the advantage of being located close to Gachibowli.

Gopanpalli

The physical and social infrastructure in this area is at a very nascent stage. Majorly mid-end segment residential developments from local developers are present. In terms of retail, few mom and pop format retail stores are present. However, Gopanpalli has the advantage of being located close to Gachibowli and so the scope for future developments exists in long term.

Tellapur

Tellapur is a vibrant residential hub but commercial office space has not witnessed much development in this area. Many new residential units catering to affordable and mid-end segments were launched in Tellapur in 2013.

Retail is present in the form of mom and pop stores to cater to the needs of the small existing residential population.

Considering the rapid residential development and retailers from all categories looking for space, Tellapur has a lot of potential for retail development.

Manikonda

The over saturation and spill over effect of Madhapur has made Manikonda a prominent location for mixed-use developments, being commercial, retail and residential in nature. From commercial office perspective, Manikonda has tracks of land earmarked for SEZ-IT developments and the already existing Grade A Lanco SEZ has accommodated several companies. The comparatively lower rental makes it an attractive occupier destination.

In 2013, prominent developers have launched high-end project in the price range of INR 6,000/sf to cater the growing demand in this area. However, projects catering to both mid-end and high-end category are available. Manikonda has much scope for development in future in office, residential and retail real estate segments in short term.

Hafeezpet

Unplanned development coupled with lack of proper physical infrastructure has led to haphazard real estate growth in Hafeezpet. The areas on both side of the Hafeezpet-Gachibowli main road are already congested with mixed-use retail and residential developments and hold little scope for further development. However, in the interiors sufficient land parcels are available. The Hafeezpet-Gachibowli main road stretch
currently witnesses unorganized and indigenous retail developments.
However, the upcoming metro rail depot in Miyapur with an integrated development plan will give an impetus to the residential and retail demand in this location.

All the above locations will be impacted positively from the proposed Information Technology Investment Region (ITIR) in and around north western Hyderabad, bringing growth in the real estate market. Also, the upcoming metro will make the western quadrant more accessible to the rest of the city leading to a much quick and widespread development. Metro will be a game changer for locations like Hafeezpet, Kothaguda, Kondapur and Manikonda and boost all-round real estate market development.

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