Hyderabad real estate India
Hyderabad is the capital of Andhra Pradesh. It has come to limelight after the visit of former President of United States, Bill Clinton. In addition, it has also achieved the distinction of being in the itinerary of Microsoft founder, Bill Gates. Hyderabad and Secunderabad are twin cities. Cyberabad is the region in Hyderabad that houses the software companies.
History in brief
Mohammad Quli Qutub Shah, a Bahamani kingdom ruler, dedicated the city on banks of river Musi in Telangana region of Andhra Pradesh, to his Hindu wife, Bhagmati. The city was renamed as Bhagyanagar. Subsequently, Bhagmati converted to Islam, and took the name Hyder Mahal. That is how Bhagyanagar became Hyderabad.
Golconda fort, Qutub Shahi tombs, Chiraan fort palace, and Charminar are just a few architectural marvels of the ancient era. Strangely enough, they draw as much crowd as the tall modern glazed structures of software offices.
Why Hyderabad is a good real estate investment option?
Following reasons make Hyderabad an ideal city to live in or invest in.
Being a capital, it is the administration center of the state. It is also the fifth largest city in the country. Therefore, any projects and proposals related to the city cannot be set aside easily.
Climate is pleasant throughout the year, except in the four months from March to June, when the mercury climbs as high as 43 degrees Celsius.
The city is better placed than many other cities in the country regarding water resources. Osman sagar, Hussain sagar, and a number of smaller lakes in the city, are water sources for the city. This water supply is augmented with water from rivers like Manjira and Krishna.
Many roads, and flyovers have been constructed over the past decade and few are under construction. Hyderabad metro rail project has commenced first phase operations. Second and third phase will soon follow. An outer ring road is also being constructed. These measures are expected to bring down traffic congestion. More infrastructure related works, like construction of large International Airport at Shamshabad is in progress. A major sewerage work is also in progress.
The city also has stadiums, racecourse, golf courses, and other sports and events venues. There are many parks in the city, which are being maintained by the municipal corporation.
The city is economically vibrant. Both conventional and modern types of industries are located in the city and its periphery. Therefore, the city offers ample employment opportunities.
Majority of people are educated, and can converse in English. The city has a cosmopolitan atmosphere.
The city offers one of the best healthcare facilities in the country. Many corporate hospitals and pharmaceutical companies in the country hail from this city.
Cost of living is lower than most of other cities in the country.
Land prices are lower than other metropolises, because the city has started developing recently.
Many software and biotechnology companies have found the city an ideal place to set up their offices. In addition, they have also found ample local talent for their human resources requirements.
Multinational companies have set up offices and malls in the city, bringing along with them the contemporary looks for the city.
Labor is cheaper than elsewhere.
The city is well linked to other cities through railways, airways and roads. It is also linked to international cities through airways.
The city offers all the facilities and amenities that any other city in the country provides, at lesser rates.
The prospects of real estate in the city improving in value are enormous as many multinationals are evincing interest in the city. The reason they are turning towards this second tier city is that there is ample land for development in and around the city. In addition, existing properties can be bought at cheaper rates and redone. This is something they cannot do with some major cities, where costs have risen considerably. Amenities have also come at par with other cities.
The city has recently spread out some more to encompass 12 municipalities. This will prevent it from ending as a concrete jungle full of skyscrapers.
Real estate varieties
Primarily, real estate in the city can be divided into three types, i.e.,
Residential properties;
Commercial properties; and
Entertainment and recreational properties
All the three types of properties may either be purchased on taken on lease or rent.
Residential areas properties can further be divided into three categories
Low cost regions , these are areas where lower income and lower middle class people live. Pockets of such areas are available all over the city, even in costly areas like Banjara Hills. The land cost in these areas is generally about 20 to 50 percent lower than that of adjacent areas that are belong to people from middle middle class or above. Jawahar Nagar and Rahmat Nagar near Kalyan Nagar, Phase I, LIG housing in Sanjeeva Reddy Nagar, and Kukatpally, are some examples. Some of these lands are assigned lands, like in case of Lambadi colony near Sanjeeva Reddy Nagar. An assigned land does not give the allottee right to sell the land. Land in Kalyan Nagar is priced almost at Rs.40,000 per square yard. Therefore, the lands in Rahmat Nagar would fetch around 20,000 to 25,000 per square yard.
Average cost regions , Kalyan Nagar, Sanjeeva Reddy Nagar, Balkampet, Kukatpally housing board colony, Ameerpet, Lakdi-ka-pool, Mehdipatnam, Vengal Rao Nagar, Gandhinagar, Uppal, L.B. Nagar, Mallapur, etc. fall in this category. Average cost per square yard may be anywhere between Rs.20,000 per square yard to Rs.70,000 per square yard. Some of the plots face the main road. Therefore, the possibility of setting up a commercial establishment increases their value. These areas have better amenities. Unlike low cost regions, which only have independent houses, these areas have residential complexes, which house different families. Cost per square foot of these flats would be around 1750 to 2500, depending on amenities. Old flats are cheaper as they do not have contemporary fittings. Vacant lands on outskirts like Shamirpet, Bowrampet, and other regions are also in this category. They cost anywhere between Rs.2000 and 8000 per square yard.
High cost areas , Banjara Hills, Jubilee Hills, Kavuri Hills, Madhapur, East and West Marredpally, Mahindra Hills, Somajiguda, Begumpet, Anand Nagar, Manikonda, Nanakramguda, Gopanpally, Kondapur, Kothaguda, Hitech city, and Miyapur are some of the posh areas in the city. Land costs are above Rs.50,000 per square yard in these regions. Construction cost of flats can vary from Rs.3000 per square foot to Rs.5000 per square foot. Old flats could be bought in the range of Rs.1500 to Rs.3000 per square foot based on the location, amenities, interiors and fittings. Rich also favor vacant residential plots in Kompally, Shamshabad, and Bachupally areas, so they can be termed as upcoming areas ? cost per square yard varies from Rs.4000 to 20,000. Some seek farmhouses like those of Pragati resorts on Chilkur road. They cost Rs.5000 per square yard and above.
Commercial areas too confirm to same classifications of areas. Lower end categories would be comprised of mulgies and small shops. Higher end could be shopping malls, corporate hospitals, hotels, and software offices. The cost varies as per areas. Cost for commercial construction is higher by about 20 to 30 percent than the range for residential accommodations. This is because such commercial establishments prefer that their offices and shops be conspicuous. In addition they require adequate parking facility for customers.
Recreational real estates were formerly government domain. Of recent, however, a number of private players have entered the scene. There is Prasad?s IMAX theatre, which has a theatre cum restaurant cum games facility for children. Ramoji film city is another private area where public can go for entertainment by paying some fee. Snow world, water world and like are a rage with kids.
Vaastu and title issues
Vaastu concept is very important in Hyderabad. People prefer a house or flat with northeast entrance, southeast kitchen, and southwest master bedroom. It helps in resale, if not for anything else.
Title is another issue. Some unscrupulous people have cashed on ignorance of people related to differences in inheritance laws of Hindus and Muslims. There are other forms of disputes too, like sale of assigned lands, or lands that have been surrendered to the government under Urban Land Ceiling Act. Because of this, it is necessary to trace the flow of title of the land for the last 25 years or so. In addition, approvals for construction and builder credentials must also be verified.
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