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Hyderabad has one of the busiest real estate markets in India, with both, commercial and residential properties showing consistent performance over several years. The city has become a preferred destination for global IT/ITeS, BFSI, pharma and biotechnology firms in India, due to its favourable state policies, ease of doing business, infrastructure such as the ORR, metro rail and MMTS, availability of talent pool and cosmopolitan culture of the city. Nevertheless, when it comes to buying a house, real estate experts list five important points that prospective buyers must consider.
1. Social and physical infrastructure
“It is a good idea, to choose neighbourhoods that have potential for investments and areas that are close to IT hubs, schools, colleges and other public utility infrastructure. When one chooses a home next to business parks, a good supporting infrastructure in the surrounding areas is automatically guaranteed,” explains Amit Wadhwani, director of Sai Estate Consultants.
In Hyderabad, the government has taken several steps to attract major international companies, by improving connectivity across the city through infrastructure projects like the Strategic Road Development Project (SRDP), metro, MMTS (Multi-Modal Transport System), etc. Consequently, micro-markets that have business parks, have become property hotspots, with multiplexes, parks, shopping malls, brand outlets and other facilities emerging next to these areas.
2. Pollution-free zones
With most of a person’s quality time being spent at home, it is very important that the surroundings near the home are green. Hyderabad has ample greenery in the form of urban forests, conservation zones and lakes. Home seekers, hence, are increasingly preferring homes that have a park nearby, to keep the surroundings fresh and airy.
Jubilee Hills and Banjara Hills have been the traditional premium localities in Hyderabad. However, premium projects are now being regularly launched in areas that have good infrastructure and connectivity. This trend has gained momentum, with projects being launched on the outskirts of Hyderabad, in areas that will have metro connectivity.
“Hyderabad has been known for providing quality homes at affordable prices. This has been possible, due to availability of land at low cost. Moreover, the developed infrastructure and road connectivity, allow people to travel to slightly further distances in lesser time,” opines Hari Prakash, senior general manager, office services (Hyderabad) at Colliers International India.
Property prices in Hyderabad have remained reasonable, as compared to other cities. However, with new infrastructure developments, increasing population and inflow of domestic and foreign investments, prices are likely to move upwards. Despite this, homes will continue to be accessible.
5. Distance from one’s home to office
Hyderabad’s infrastructure is well-developed and this allows home buyers to opt for homes that are slightly away from the city, due to the connectivity and travel options. Experts point out that improved road and metro networks are actually the consequence of the workforce living next to their offices. Better connectivity has also given rise to new property micro-markets in Hyderabad.
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Attractive locations for buying a house in Hyderabad
Established residential localities such as Manikonda, Sainikpuri, Miyapur and Kukatpally, offer good housing options in the range of Rs 30-50 lakhs. These areas are also witnessing fresh launches. Areas near Hitec City, such as Madhapur, Gachibowli, Nanakramguda and Gopanpally, have also emerged as popular addresses, which offer multiplexes, parks, shopping malls, etc.