King Johnson Koyyada: Following creation of new districts, urban development authorities, municipalities during the past eight years in Telangana, the prices of sites have gone up unexpectedly at several places. Prices of vacant sites in municipalities and municipal corporations surrounding Hyderabad Municipal Corporation have taken wings. Since beginning, IT, ITES sector, industries sector, Pharma sector have developed in Hyderabad on account of novel decisions of the state government.
Addressing power-shortage problem to a greater extent, face-lifting various tanks improving water level in them, improving drinking water supply position, increasing agriculture yield per acre have taken place in front of the naked eye of the people. Besides development of infrastructure in Hyderabad, law and order development received huge thrust. As a result, several industries from home and abroad have been making a beeline to Hyderabad to set up their units.
Because of innumerable other factors, real estate sector in the city occupied the number one position in the country. In this backdrop, let us have a glance of property prices now vis-à-vis prices in 2014.
2014 2017 2022 (price/ sq yard in Rs)
Ameerpet 3400-4000 4300- 4800 7000-9000
Sanath Nagar 3400-4400 3800- 4200 7000-9000
Himayat Nagar 4200-5400 5100- 6000 8000- 10000
Jubilee hills 5500-7500 8500- 10000 12000- 15000
Srinagar Colony 4300- 4800 6000-6600 9000-11000
By the time statehood was realised to Telangana, apartments were sold at Rs 3400 or 4000 per square yard in Ameerpet, while the land prices varied between Rs 30,000 and Rs 45,000 per square yard there.
Afterwards, contours of the area underwent sea change as the region emerged as the hot commercial place in the city. That is why, a square yard is being quoted at Rs 1,00,000. Moreover, there are no vacant sites available in the area to build flats there. Even if a small site were to be available, the apartments built there would be sold off like the proverbial hot cakes.
In Sanat Nagar, the price being quoted for sale of apartments varies between 7000 and 9000 per sft. However, stand alone apartments can be bought for comparatively cheaper prices. The price in gated communities is being quoted as Rs 9000 per sft.
In Himayat Nagar, finding suitable site for building apartments is difficult. That is why, stand-alone apartments are built here mostly. But, they are being sold fast.
In Jubilee Hills and Banjara Hills areas, the demand is more or less uniform. Initially, small apartments were sold at Rs 5500 per sft, while the price is somewhat higher in gated communities – Rs 8500 to Rs 10,000 per sft. The area of the flats is also more. Therefore, only the affluent sections of society inclined to buy properties there. Currently, the per sft price being quoted as per the revised land prices is Rs 12,000. The posh gated communities sell properties at Rs 15,000 per sft. There is no need for marketing of flats here. Politicians, business people, industrialists, academicians, film personalities prefer these areas as their favourite destinations. Those who cannot afford prices here prefer somewhat far off areas like Raidurgam, Nanakramguda, Puppalguda, Kokapet, and Gachchibowli Financial District and so on.
2014 2017 2022 (price/ sq yard in Rs)
Motinagar 2000- 2200 3200-3600 6000-9000
KPHB Colony 3000-3600 3900-4200 7000-10000
Madhapur 3000-4000 4600-5200 8000-12000
Madinaguda 2200-2400 3100- 3600 6000-7000
Chandanagar 2400-2900 2800- 3200 5000-6000
Miyapur 2200-2600 3200-3600 5000-7000
Till 2014, Motinagar was the favourite destination for middle class home buyers. One used to buy flats at Rs 30 lakh each. Afterwards the prices escalated to Rs 40 lakh to Rs 50 lakh each. Currently, one has to pay at least Rs 70 lakh to Rs 90 lakh to buy a flat there. Moreover, new flats are not readily available here. But, some middle class people are prepared to buy old flats here.
Stand-alone flats in KPHB Colony were priced around Rs 40 lakh in 2014. However, after 2017, the prices went up on account of auction of sites conducted by the state government. Infrastructure development and new companies in IT corridor impacted the flats prices in the area. Currently, one should shell down at least Rs 1 crore to buy an apartment in KPHB Colony. However, the prices of minor apartments would be somewhat less.
At one time, Miyapur, Madinaguda, Chandanagar are hot destinations for middle classes. The Metro train facility in Miyapur altered the prices of lands and properties here. Flats were sold at Rs 2200 per sft in 2014, but now flats are sold at Rs 6000 per sft (stand-alone apartments). Gated Communities, high-rise apartments are being sold at Rs 7000 per sft. During the past eight years, the escalation of property prices was as good as 150 to 200 per cent.
2014 2017 2022 (price/ sq yard in Rs)
Pragati Nagar 1800- 2200 3000- 3600 4500- 6500
Bachupally 1800- 2000 2600- 3000 4500- 6000
Alwal 2000- 2600 2500- 3000 4500- 6000
Bowenpalli 2200- 2800 3000-3400 5000- 7000
Kompally 2300-2600 2800- 3400 5000- 6000
AS Rao Nagar 2000-2400 2600- 3100 4500- 6000
Pragati Nagar is care of address for small apartments. At all places in the area, one can see only stand-alone apartments. Some builders are building apartments in 400 square yards – two sites which are side by side. While applying for building permission, they were shown as two separate projects, but for practical purposes the site is only one for building apartments. This mechanism was adopted by builders in areas of Pragati nagar, Nizampet. As several lands, locked in court litigation, became free of the litigation now, several big communities started here. The rates being quoted in such projects is more. In 2014, a sft was sold at Rs 2000 as against Rs 6000 currently. But, the price is affordable even in small apartments now.
In Bachupally area, gated community projects have increased because of its proximity to the ORR and to Miyapur, JNTU Metro stations. The government has focussed attention on development of the region, several builders are executing their projects here. One important thing to note here is the chemical pollution in Bachupally and Mallampet. Some of the residents here close windows and doors in evenings.
Prices of lands took wings in Bowenpally and Kompally areas. It is not easy to buy a flat here without Rs 60 lakh at hand.
2014 2017 2022 (price/ sq yard in Rs)
LB Nagar 2300- 2700 2800- 3200 5000- 7000
Uppal 2100- 2700 2600- 3100 5000- 7000
Bandlaguda (Appa) 2400- 3200 2800 -3600 5500- 6000
Rajendranagar 2300- 2800 2500- 3000 5000- 7000
Vanasthalipuram 2400- 2800 3600- 4000 6000-7000
LB Nagar is always the hot favourite destination for all because of the Metro station here. The condition of Uppal is more or less the same. In colonies, apartments are being built in these regions. To buy a flat here, one should shell down Rs 80 lakh. There are many builders who execute their projects in Bandlaguda, Kismatpur, Peeram Cheruvu gated communities. One should spend Rs 80 lakh there to buy a 2BHK flat. In Rajendra Nagar, the builders executing their flats have increased, especially in Attapur region. Several have been building stand-alone apartments here.
Note: The prices are being quoted for better understanding of the people but not reflect on the final prices of apartments. The region, nature of construction, basic amenities, and amenities offered, features in the projects greatly influence the costs.
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