No. 1 Property Verification Services & Property Management Services

Low budget properties in Hyderabad


Monthly Archives: March 2016

Low budget properties in Hyderabad

Looking for a lower priced house in Hyderabad? Despite popularly known for spacious independent properties (comparatively of higher value) and high consumer preference for the same, Hyderabad also provides for people looking at affordable ones. And, a lot of options.

Abhi Shyamnar, a resident of Hyderabad says, “I want to buy a 1BHK apartment in Uppal but I don’t know the price range here. Your help is appreciated in it”. Shyamnar is one of the many who would like to invest in a smaller and lower priced house. The reason behind opting for lower priced houses can be varied.

Shonali Gupto working with a knowledge management company had shifted into the city about 4 years ago. Originally from Kolkata, she now finds the city her home. Gupto says, “I would like to invest in the real estate, but since I am not very sure whether I will stay there forever. As a result, I would like to put in money keeping this in mind. Instead of opting for biggish apartments, I am more interested in smaller compact properties.”

For interested buyers and investors like Shyamnar and Gupto, Hyderabad might be just the ideal realty market. As per PropIndex, the India Apartment Index by Magicbricks, “The lower budget segment of 2,000-4,000 per sq ft range cumulatively accounts for 64.5% share of supply in the secondary market. This segment also constitutes 83% of consumer preference.”

Areas offering lower priced properties

So where can one find these properties in the city? For your convenience, we have taken into consideration few localities buyer preference and most availability wise in the 2,000-4,000 per sq ft segment and presented their price change in the Oct-Dec 2015 quarter.


Consumers prefer localities such as Manikonda, Miyapur, Nizampet and Sainikpuri the most. While the first two fall in the 3,000-4,000 per sq ft segment, the latter two fall in the 2,000-3,000 per sq ft segment.

Budget-wise, the 2,000-3,000 per sq ft segment saw an overall decrease of 5.5 percent while the 3,000-4,000 per sq ft segment saw an average price movement of 4 percent. Localities in the former segment which witnessed a fall in property prices include Bowenpally, Kompally, Nizampet and Uppal. The latter segment includes Manikonda. Investment in the above mentioned four localities means that if you put in your money in the next coming weeks, these properties will be at reduced prices than their usual. Manikonda on the other hand will be more expensive.

Buying a 2BHK unit

To further assist you in your house purchase, we have brought you the size and budget range of 2BHK units in some localities.

Now that you are armed with the data, take a look at what is on offer in the market. While making a decision, do not forget to grasp on social, physical and connectivity related information as well. If ignored, you might pay a steep price for navigation around the city for everyday needs. The market seems right and with property options over pouring, it is definitely time to invest in a compact property.

Namrata Ekka, Times Property, The Times of India, Hyderabad

Tips for smart property investment in Hyderabad

3

Infrastructure facilities, lifestyle ambience, affordability and consumer preferences now dictate choice of residential properties in Hyderabad. Manikonda and Kondapur are emerging as the preferred localities.

There are many attractive locations in Hyderabad offering properties to home buyers. The real estate market in Hyderabad has been sluggish for quite some time now. One of the biggest challenges in the current realty market is lack of consumer confidence and trust.

In such a case, there is always confusion among home buyers about the locality to invest in? There are a host of factors which have led to this situation.

Challenges in the real estate market

One of the major reasons for home buyer’s hesitancy in buying property is that there has been an unreasonable delay in completion of projects. Projects have been stalled for lack of approvals and other hurdles in clearances. In fact, lack of banking capital and high interest rates have made investors shy away from the market.

Now the most important thing is to boost the confidence of home buyers. A property owner should make a detailed analysis of one’s budget, location and the property type they wish to purchase. A buyer should know exactly where they should put their moolah!

Choosing a location

Magicbricks spoke with Ashok Kumar, principal and MD of Cresa Partners who highlighted certain points that a home buyer should keep in mind before choosing a property location.

Kumar said that when a home buyer chooses a location for investing in a property, he or she should make sure the area is livable. There should be good social and physical infrastructure to support the lifestyle. Commercial setups, educational institutions, hospitals, etc., should be present to ease the lives of residents. Similarly, infrastructure development helps in boosting the property’s worth. There should be scope for rise in property values in future which means good returns on investment. A good location makes buyers confident about investing in real estate.

Home buyers prefer a locality that is easily accessible from their workplace. The areas that have both commercial space and IT offices nearby witness demand.

The IT hub, located in the western parts of the city, is actually dominating the Hyderabad real estate market. Areas such as Gachibowli, Hitec City, Jubilee Hills, Manikonda, Kondapur, including others have observed a significant rise in capital as well as rental values. The rental values in the mentioned localities are between 20,000-50,000 per month.

According to PropIndex (Oct-Dec 2015), the India apartment index by Magicbricks, the locality with large consumer preference witnessed the highest price increase. In the Oct-Dec quarter 2015, Manikonda had the highest of 15 percent price increment followed by Kondapur at 12 percent. The prices in Gachibowli remained practically stagnant with only 1 percent increase.

Affordable space

One can easily choose locations in areas that are witnessing low budget real estate development. The projects that are focusing on affordable housing in Hyderabad may witness good residential demand in the near future. A property buyer can easily negotiate in an area where there is more residential availability and less consumer demand. People also prefer staying in a location that has easy access to malls, bus stops, schools and hospitals. It helps to meet the daily necessities.

Kumar said that a wait and watch approach can help to get a better understanding of the real estate market.

“The locality should have good infrastructure facility and buyers should choose a locality according to their requirement. There are many properties available in Hyderabad providing modern amenities and which are available near office hubs. One can easily find good quality houses within the required budget. One should also ensure that people are already staying in the locality for safety and security,” says a real estate broker, Krishna, Propdeals.

Property buyers can plan to invest in township projects that are more secured as of now. And, the ‘right location’ is an important aspect that one should keep in mind before purchasing a property. Hope these tips help home buyers in their future purchase.

Source: Namrata Roy, Times Property, Magicbricks Bureau/ Hyderabad.

Right time to invest in Hyderabad’s affordable areas

1

Lifestyle is a serious choice. The most actively transacted properties in Hyderabad are the ones that command anywhere between Rs 3,000-4,000 per sq ft. However, with conveniences comes a higher price tag. The more you ask for, the more you pay.

Hyderabad, a very price sensitive market, is often termed as the most affordable market in the country. The city makes sure that there is a home for every budget segment. The good part is, even the localities in the fringes are set for a new high.

Not long back, Uppal featured for the first time in the list of top localities. With increasing number of investments in the area and with functional offices of some global firms, Uppal gained a foot among young buyers willing to invest. Improving infrastructure such as the metro, would add to the location value of this developing locality.

Today, if you are considering Uppal, you would have to spend anywhere between  2,000-3,000 per sq ft. This means a house in the below Rs 30 lakh budget is a possibility here.

The 2BHK configuration is most common and is available in sizes varying from 850-1100 sq ft. Residential houses are mostly preferred. One can find a unit as small as 1000 sq ft to as large as 4000 sq ft within a range of Rs 25-60 lakh. Options are also available for those looking at long term investment. Plots are available for Rs 7-15 lakh in various sizes ranging from 150-350 sq yard.

Kompally, still early in the development cycle with respect to infrastructure, still finds favour among the budget conscious buyers.

“The average prices in the city are nominal and because of political turmoil in the recent past, prices haven’t moved up a lot. However, places like Kompally garner interest because of the availability of good projects within a very reasonable range,” says Kanchan Kanthikumar of House4U. As per Magicbricks, the projected appreciation is reasonable but maintains an upward trend which is a good sign. Moreover, the green lung spaces is a value add. Most households depend on bore-wells for water.

The broad range of property prices is 2,200-3,600 per sq ft., depending upon the configuration, amenities, location and maintenance of the house or the brand of the developer. A gated community villa will cost close to 4,500 per sq ft.

Open plots too are available and cost anywhere between 15,000-30,000 per sq yard, depending on the proximity to the main road.

Appa Junction gives you the option of fishing for luxury and affordable properties. However, a common concern among residents here is the absence of civic facilities.

Karuna Dhar, a resident says, “Absence of street lights makes it very difficult for commuters. Accidents are very common but the authorities seem to be lax about it.” A local developer informs that the radial road between Langar Houz and Appa Junction needs a facelift with almost half of the stretch, under the gram panchayat, still asking for repairs. This pace of development has led to difficulty in pitching projects to consumers.

Nevertheless, buyers are still looking at the locality for a purchase thanks to rational prices within 3,500 per sq ft. A 1, 2 or 3BHK unit or a spacious villa, take your pick, the mix of properties is interesting. Depending on your budget, the area offers homes starting from Rs 25 lakh to over Rs 2 crore.

The buoyancy in real estate in Hitec City and Madhapur is because of the IT/ITeS employed professionals. Prabhu Ganesan of Prime Realty says, “In Hyderabad, west is always considered the best. This is especially because of the evolved infrastructure, proximity to work places, resulting in an enhanced commercial experience because entertainment zones, hangouts, various eateries, office spaces and housing have come up here as well.”

Local realtors tell us that a major proportion of the migrant populace prefers West Hyderabad over other areas.

Vipin Ravindran, property consultant at Lekshmilok Properties says, “Young buyers prefer the job centres Gachibowli, Miyapur, Kondapur and Madhapur. Even though the metro is coming up in areas such as Nagole, Uppal, Habsiguda, Tarnaka and Mettuguda, you would see buyers preferring the central location for the feel of it.”

As per projected values in the graph, values may not fall. Hence, an investment at this time would not be a decision you would regret. As of now, prices are in the range of 4,000-5,000 per sq ft depending upon the exact location and amenities.

Do go in for a thorough research before investing. Speculations often turn out to be disappointing.

Sneha Sharon Mammen, Times Property, Magicbricks Bureau/ Hyderabad

Real Estate Bill approved by Parliament, brings relief for home buyers

 

manage-property

It will now be difficult for promoters and builders to delay projects, with Parliament on Tuesday giving nod to a bill which gives relief to home-buyers and proposes imprisonment of up to three years besides monetary penalties for any violation of rules.

The Real Estate (Regulation and Development) Bill, 2013, approved by Lok Sabha on Tuesday, five days after its passage by Rajya Sabha, is designed to protect consumer interest, ensure efficiency in all property-related transactions, improve accountability of developers, boost transparency and attract more investments to the sector, the government said.

It provides for setting up of a Real Estate Regulatory Authorities (RERAs) which will ensure timely execution of projects.

The RERAs will regulate transactions related to both residential and commercial projects and ensure their timely completion and handover.

The proposed law makes it mandatory for all residential and commercial projects to register with the Regulator and will apply to new and ongoing projects.

Appellate Tribunals will now be required to adjudicate cases in 60 days as against the earlier provision of 90 days and Regulatory Authorities will have to dispose of complaints in 60 days. In the earlier bill, no time frame was indicated.

The Bill provides for imprisonment of up to three years in case of promoters and up to one year in case of real estate agents and buyers for any violation of orders of Appellate Tribunals or monetary penalties or both.

Replying to debate on the bill, Urban Development Minister M Venkaiah Naidu said the Bill envisages that “What you are committing, what you are promising, please fulfill. What you are promising through advertisements, please fulfill that. That is the purpose of this Bill.”
Naidu also sought cooperation from the states for faster clearances to projects to make this Bill, which will override all state legislations, a success.

“We are trying to make the beautiful advertisements given by developers in front page of newspapers dutyful. Our ultimate intension is to ensure consumer satisfaction. Once the Bill is notified, you will get more investments in the real estate sector, early clearances and property prices will come down,” he said.

Government is also trying to bring in a National Urban Rental Housing Policy, he said, adding that the policy would take into account the requirements of tenancy hassles in modern days.

– The Indian Express