Villas on Hyderabad ORR attract home buyers
Dec 03, 2013
Source : The Times of India

 

HYDERABAD: The 159 Kms long stretch of the Outer Ring Road (ORR) is a road-cumarea development project. The ORR connects Patancheru-Shamshabad-Hayathnagar-Medchal Patancheru, and also provides the connectivity to various State Highways and National Highways.

From Gachibowli and Manikonda that already have a small cluster of villa projects, to the still-developing pockets of Bandlaguda, Mokila, Narsingi and Shankarpally, villa projects dot the entire circular road.

Kalisetty Naidu, an APRA member and consultant with Yards and feet, says, “The sales of villa property has grown by 12.7% as compared to last year, due to the development around the ORR.” BVP Raju, APRA member seconds his view, “People don’t mind travelling few extra kilometers for more comfort and space. Many gated communities’ villas are coming up along the ORR highway.”

Builders such as Keerthi Estates, Westend Greens, Prestige Constructions, Pavani group and Mega Meadows have premium residential projects in such areas. Masood Hasan, director, Westend Greens, which is coming up a project in Mokila, states

“The market for gated community villas in Hyderabad is very good especially in the western pockets such as Hitech city and Gachibowli, but the pricing today can range anywhere between five to six crores. There are not many buyers in Hyderabad for such pricey villas. But areas such as Mokila are well-connected to the ORR highway, and builders can easily offer gated community villas at lower valuations than the apartments in Hitech city.”

“When a market is vibrant, building apartments is easier and more cost effective for a builder, but when the market is dull, building villas could be an easier exit,” states BVP Raju.

The other aspect is that the ORR connects the greens with the commercial space. “The 10 kms stretch from Mokila towards Wipro circle is a bioconservation zone and no development or construction is permitted in this area. The expanse of green and the unhindered travel bring in a unique aspect to city life. Living in gated communities villas on the ORR is like green oasis surrounded by conservation areas,” adds Masood Hasan.

Even in a dull market, the pricing of several villa projects has increased by 10-15% in the past one year, essentially due to higher construction costs. “Villas depend on size and location. Earlier builders worked on standardized designs, now there is an option of customization, as people have a more evolved sense of living spaces,” says Kalisetty Naidu.

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