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North Hyderabad property market growing at fast pace

North Hyderabad property market growing at fast pace

If you are looking to buy a house in Hyderabad and have a limited budget then North Hyderabad can be a good choice for investing. Today, locations such as Miyapur, Kukatpally, Kompally, Chanda Nagar and Ameerpet are the growing areas in the region. Most of them are offering affordable housing. Apart from developed properties on sale, one can easily find under-construction projects within the price range of 20-70 lakh in the northern parts of the city.

Opportunity for investment

According to real estate portal, over 3000 properties across various segments are listed for sale in North Hyderabad. Over 70 under-construction properties are available in the region. These properties are in areas such as Kukatpally, Sainikpuri, Miyapur, including others. The most available property types in North Hyderabad are 2-3BHK units.

Trivita Roy of Jones Lang LaSalle (JLL) says, “North Hyderabad emerged as one of the prime residential destinations to mid-low income groups working in the IT hubs of Hitec City and Gachibowli. Projects in these locations have witnessed appreciation and are worth investing. The ongoing metro rail project is one of the key factors for price appreciation in this sub-market.”

To respond to the traffic congestion of Hyderabad, the government has proposed metro linkages within the city. The challenge being faced is the delay in the completion of the metro project, which is still under -construction. The 8-km long Nagole Mettuguda line and the 11-km Miyapur-SR Nagar lines are expected to be operational by March, 2016. The construction of the first phase of 72-km with 66-stations is due to be completed by December 2017.

Miyapur and Kukatpally are located close to the upcoming metro rail project. These localities may witness price rise in the near future after it is developed completely. But it is expected that property prices will not be as expensive as compared to Gachbowli, Jubilee Hills, Banjara Hills including others areas of Hyderabad. In Miyapur, 2BHK units are currently available for 20-40 lakh in sizes of 1000-1500 sq ft and 3BHK units are available for 35-80 lakh in the size range of 1,600-2,000 sq ft.

The residential properties available in Kukatpally are comparatively higher than Miyapur and Sainikpuri. Affordable properties in these localities mainly comprise of 2BHK units. The cost of 3BHK units is within the price bracket of 60 lakh-1.5 crore and above. The size range of 3BHK units is 1500-2000 sq ft. However, 2BHK units sized 1,000-1,500 sq ft are easily available within 25-50 lakh. In both Miyapur and Kukatpally, one can find modern amenities such as security, outdoor tennis courts, reserved parking, power back-up, gym, club house, DTH television and waste disposal facility.

Chandanagar is a thriving commercial area and investing in real estate here is expected to bring good returns. The 2BHK units sized 1,010-1,198 sq ft are priced between 27-33 lakh. The size range of 3BHK units is 1,300-1,825 sq ft, while the price range is between 40-76 lakh.

Rajesh Prajapati, MD, Prajapati Constructions Ltd, says, “Well-developed residential localities in Hyderabad such as Manikonda, Kukatpally, Miyapur and Sainikpuri are offering homes at affordable prices. Besides regular sales and new launches of apartments and villas, what is heartening is that there has been a regular demand without fluctuations. This proves the growth is gradual and real, rather than haphazard or hyped. These places will prove lucrative for early investors, and could attract large investors in future.”

Ameerpet is also one such locality in the north which has witnessed consistent rise in capital values in the past two years. The area is now among the top five localities that has witnessed capital appreciation.

In Ameerpet, 2BHK units are available for 25-50 lakh and the size range is 1,000-1,500 sq ft. Units of 3BHK are expensive and the capital value is between 80 lakh 1.5 crore. The size range of these units is 1,500-2,500 sq ft.

The localities mentioned have good social infrastructure and connectivity. But, the downside is that traffic is heavy in Miyapur and Kukatpally.

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