Techies home in on Hyd, affordability major driver
HYDERABAD: Hyderabad is fast growing as the leading destination in India for home buyers’ among young IT professionals, say real estate and property consultants. Hyderabad is in fact preferred over other Metros such as Bengaluru, Mumbai and Delhi-NCR with the cost affordability of residential properties being cited as the major demand driver.
Among the most preferred localities are the Western and Southwestern corridors of the city-comprising of Madhapur, Gachibowli, Miyapur, Kothapet, Tellapur, Narsingi, Manikonda and Kothapet. The residential property market in Miyapur has shown steady growth ever since the commencement of Metro rail operations along this route.
“In India, Bengaluru and Hyderabad continue to be the leading IT hubs and an increasing number of IT professionals are choosing Hyderabad to settle down. The reasons are- Hyderabad roads are more traffic-free as compared to other IT hubs in the country and the road infrastructure has also significantly improved. Secondly, residential investments in Hyderabad are still the cheapest and offer the most value for money in terms of capital appreciation. The Metro rail corridors are also expected to see more appreciation in prices and demand,” said Ankit Kansal, cofounder and managing director of property consultant 360 Realtors.
According to Kansal, among these areas most in demand among IT professionals are Madhapur, Gachibowli, Miyapur, Manikonda and Begumpet. While residential property prices start above ₹50 lakh in Hyderabad, in Bengaluru, it goes above ₹60 lakh, said Kansal.
Other property consultants pointed out that more than 30,000 residential units are expected to be completed in the next five years-with a majority of these located in Southwestern corridor.