In Hyderabad, at least 40-50 high-rise structures are under construction, mostly in western part of the city. Who will buy units in high-rise structure if the market is glut with such high-scraper buildings? Who will live in them? In fact, the properties in such structures appreciate at all? These doubts haunt the prospective investors.
In new state of Telangana, the high-rise structures concept became hit with the police following the success of the My Home group’s Avataar project. The group built a 30-floor My Home Avatar concept in 2016 in Puppalaguda and sold flats at a price of Rs 3850 per sft, selling a 2 BHK for Rs 60 lakh. The cost of the flat now appreciated to Rs 9000 to Rs 10,000 per sft. Because of higher appreciation at a relatively less time, many buyers have been evincing interest in My Home group’s projects. Popular misconception among the buyers is that the appreciation of property in high-rise structures would not be more. But, the Hyderabad realty sector proved the stereotype totally wrong.
My Home Avatar and other projects stand testimony to the growing demand for units in high-rise projects in Hyderabad market. There are many choices before the buyers who want to buy flats with higher plinth area. Depending on the location, basing on amenities provided, quality of construction, height of the building, elevation, area each flat costs at least Rs 6 crore. There are some flats whose price has been pegged at Rs 20 crore in the city. These are mostly confined to Nanakramguda, Raidurg Knowledge City area, financial district, Kokapet and so on. The SMR Vinay Iconia coming up in Kondapur sold units in its high-rise projects at Rs 4500 per sft. Some of the blocks of the project have been constructed and many more are in the pipeline. Some others are in the advanced stage of completion. The cost of the modern flats is being quoted as Rs 9000 per sft. The real estate sector in the state has proved that there is much appreciation in price of the high-rise units.
Full demand for Kokapet projects
Many incline to buy properties in Kokapet and Gachibowli financial district to stay close to their working place. It may be recalled that the state government has cleared a project seeking to develop a cycling track from TSPA junction to Kolluru. Play zones on the ORR, outdoor sports, 24/7 food courts, development of a park in Gandipet lent beauty to the area. It is sure that Kokapet will emerge as the most modern locality in the days to come. The properties here are sure to receive good appreciation. – Prashant Rao, Director, Poulomi Estates
Guaranteed higher appreciation
The purchasing power of the property buyers in Hyderabad market has increased manifold as they are evincing interest to acquire high-end properties. Businessmen, industrialists, NRIs, CEOs of big companies are showing interest to live in high-rise structures. They earlier lived in huge mansions. Now, they are coming forward to acquire properties in big projects offering most modern amenities.
Avatar project of the My Home Group first started stirring up buyers’ interest on high-rise structures. First the group sold units at a price of Rs 3850 per sft. Now the price being quoted is Rs 9000 to Rs 10,000 per sft, achieving a remarkable appreciation in just five years. The Nishada project command good demand from customers. My Group has many plans on the drawing board to build skyscrapers.- Srinivas Reddy, Marketing Head, My Home
