Lesser known locations are giving a new dimension to property buying
Published Date – 3 February 2023, 11:50 PM
HyderabadThe rapid development of real estate in Hyderabad, including new and hitherto lesser-known locations beyond the city suburbs, has started giving a new dimension to property buying these days.
After its core was gone, the city expanded further to include the once sluggish outskirts like Tellapur, Gopanapalli, Narsingi, Nizampet and others.
But then, the appetite of a city that is growing and developing rapidly is huge! Thus, endowed with locational advantages and driven by proactive state government policies, Hyderabad’s real estate is moving ahead with such energy that in the last few years, even the earlier suburbs have been absorbed into the main city. And the search for new areas for development has extended miles ahead.
The Hyderabad real estate market remains buoyant and recorded registrations of 68,519 residential units last year. A study compiled by Knight Frank India documented this for the year 2022 and reported, “The city recorded registrations of 68,519 residential units with a total value of Rs 33,605 crore”. Knight Frank India’s assessment for the Hyderabad residential market covered four districts – Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.
Interesting observations can be found from the focus of the assessment in the month of December 2022. Of the four districts comprising the Hyderabad residential market, Medchal-Malkajgiri leads the table in terms of home sale registrations with 42 per cent, followed by Rangareddy district at 36 per cent. Hyderabad district’s share in total registrations during December 2022 was just 16 per cent.
Home sale registration data reveals the scale of property acquisition taking place in new areas located some distance away from the city centre.
The availability of vast land in the vicinity has provided an opportunity for developers and buildings to tap the potential of the new suburbs and investors are also excited about the prospects.
There was a time till some time back when there was a common belief in the property market that the further you went from the city centre, the cheaper the property prices would be.
However, this does not seem to be the case anymore, as prices of both built and under-construction residential units are rising rapidly and attempting to bridge the gap with the price list of already developed locations.
There seems to be a kind of synergy between the initiatives of property developers and the enthusiasm of property seekers in new areas/new suburbs. This is also being driven largely by young investors who want to put their money in safe properties that will appreciate in the coming years.