Real Estate Guru’s exclusive interview with Poulomi Estates Director Mr Prashanth RaoAfter the formation of Telangana State, the real estate sector in Hyderabad witnessed a rapid change. It is being developed faster than many other metro cities in the country. Real estate values in Hyderabad have increased since 2014 in a way that no one ever expected. Before the formation of the new state, the price of a square yard in Jubilee Hills and Banjara Hills in the city was around Rs 50,000 to Rs 60,000. Now it is nearly Rs. 3 lakh per square yard. At that time, the price of flats in Kokapet was Rs. 3500 per square ft and now it is Rs. 10,000 per square ft. No one expected that real estate would develop to such an extent. The main reasons for this can be said to be the presence of a stable government with a positive attitude and a keen focus on the development of the city.
Looking at the growth story of Hyderabad, Kokapet has grown exceptionally in the last three years. Many people have personally invested in this area. Many companies competed to buy land here. In fact, no one knew much about Kokapet until the Golden Mile was auctioned by the then government in 2009. At that time, many people were surprised to get Rs. 14 crore per acre. Since then, they have started focusing on that area. Later, the market was somewhat stagnant due to the economic slowdown and the separate Telangana movement. But, since the last three years, Kokapet has been developing significantly. Looking at the recent auctions, everyone understood the potential of this area and its future growth. It must be said that Kokapet has played a key role in Hyderabad’s real estate growth story.
Big yes to skyscrapers…
“Be it the Golden Mile or Neopolis in Kokapet, most of the builders are constructing skyscrapers. Interestingly, buyers are showing interest in living on the top floors of skyscrapers. In our 55-storey skyscraper, Paulomi Palazzo, we have sold nearly 72 percent of the flats in less than a year after its launch. All the flats on the upper floors have been sold. That is, it can be understood how much people are showing interest in living in skyscrapers. All in all, there is no doubt that Kokapet will grow exponentially in the next three to five years.”