Friday, March 7, 2014

Grab a slice of the property pie at Gachibowli

In 2013, Hyderabad witnessed fall of housing sales by 4% to 16500 housing units and the overall residential market remained stagnant during the entire last year. With absorption rate slowing down and sales volume dropping, property developers had no choice but to postpone the new launches and it is no surprise that new launches in 2013 dropped by 15% compared to year 2012.

However, with the government finally passing the Telangana bill, real estate developers and trade bodies across the two states have heaved a sigh of relief. Hyderabad is under the scanner again, as the prolonged phase of uncertainty is finally ending. Many experts believe that the Telangana bill will greatly benefit Hyderabad real estate where prices of residential units have been stagnant since 2009.



Gachibowli- a major IT suburb in Hyderabad is one such locality that is expected to benefit from the real estate resurgence. According to a real estate survey done in 2013, Gachibowli has been listed as the next popular IT/ITES destination of the city after HITEC City in Hyderabad. This IT node has grown into a software hub for companies operating from Hyderabad. It is home to some of the top IT companies like Microsoft, Amazon, Accenture, TCS, WIPRO, Capgemini, Polaris and DLF Cyber City.

With such a high concentration of software companies and being close to HITEC city, majority of the population is composed of cosmopolitan IT professionals, many of who have migrated from other parts of the country. Due to the employment generation potential of this locality, many working professional prefer staying in and around Gachibowli where they can also enjoy the benefits of the walk-to-work concept.

Additionally infrastructure projects like Hyderabad Metro and Outer Ring Road that connect Gachibowli to the international airport have contributed to the demand for residential apartments in Gachibowli and apartments in Hyderabad.

Gachibowli also offers top educational institutions for residents such as Oakridge International School, Kendriya Vidyalaya, Delhi Public School, Indian School of Business (ISB), International Institute of Information Technology (IIIT) and the soon to be opened Indus International Junior school. With projects like the Lanko Mega Mall planned in the future, Gachibowli will also grow into a recreational hub boosting the social infrastructure in the locality.

Several builders in Hyderabad are offering 2BHK, 3BHK and 4 BHK apartments and villas in Gachibowli, most of them are ready for possession. Popular residential projects in Gachibowli include Aparna Sarovar Grande by Aparna Constructions, The Botanika which overlooks the picturesque Botanical Gardens by Universal Realtor, Mayfair villas spread across 27 acres of land by Pranit Projects etc. According to a recent reports, prices of homes range from Rs.3,700 to Rs.6,000 per sq. ft. while commercial properties are available from Rs.6,000 to Rs.14,000 per sq. ft. Property prices are likely to go up by about 20 per cent over the next few months.

With political stability in place, growing economic opportunities and rising property prices, it is the right time to grab a share of the property pie in the upcoming locality of Gachibowli.


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