- Over 15,000 flats are under construction in Miyapur
- Also, new projects have been launched in the area
- Annual sale capacity in the area is limited to 3000-4000 units
- It will take at least 5 years for the inventory to exhaust
Atleast 15,000 flats are under construction from Miyapur to Gandi Maisamma junction. The projects include both minor and major apartment complexes. Among them figured 45-storey sky-scraper projects too. Some of the projects coming up in the area are Candeur 40, Primark, RV Nirman, Vertex, Nyla and Sia Constructions very close to SMR Vinay City in the area. The combined inventory of flats being constructed by these developers is put at 5000 units. In all, another 5000 flats are being built from Miyapur to Bachupally cross roads. Another 5000 units are being built in Ameenpur, Mallampet, Bowrampet, Gandi Maisamma and other surrounding areas. The million-dollar question is when will these many flats get sold?
The sales potential of Miyapur, Pragati Nagar, Bachupally, Mallampet, Bowrampet, Nizampet areas is put at only 3000-4000 flats per annum. However, beyond the sales capacity at least 15000 flats are being built in the area in RERA-approved projects. It will take at least 4-5 years for the construction of these flats to complete. Meanwhile, new projects get launched. Taking their sales also into consideration, it will take not less than eight years for the sale of the units. The question is whether the builders of 30 or 40-floor structures would be able to complete them on time. Only time will tell how long does it take for them to complete the projects?
Everyone is worried about the quality of construction and the amenities the projects are going to offer. Will the buyers will be statisfied upon celebrating house-warming with the amenities provided there? Whether the high-speed elevators are provided or not? What would be the vehicular traffic in the complex given the fact that the house site on which the project is being developed is relatively small? Whether the realtor would be able to supply drinking water to the top floor? The buyers will come to a decision whether to live in the flats are not. The real picture will emerge only upon completion of a project or two. It should be borne in mind that the future demand for sky-scrapers is dependent on all these aspects.
