Hyderabad is not just known for its rich heritage but also for its burgeoning real estate market. Over the years, the city has witnessed remarkable growth in both its residential and commercial sectors. The booming IT industry, fostering a robust economic climate, has drawn many professionals from across the country seeking lucrative career opportunities. This surge of talented individuals has resulted in a heightened need for housing, fuelling the expansion of residential real estate in the urban landscape.
Among the various thriving pockets of development, Outer Ring Road (ORR) West has emerged as the prime hub, leading the charge for both homebuyers and renters alike.
ORR West – A Growth Story
The Jawaharlal Nehru Outer Ring Road (ORR), spanning 158km, serves as a ring road expressway encircling Hyderabad. A significant segment of this road traverses through the key employment hubs of the city, such as Hi-Tech City and Nanakramguda Financial District, that are located in the western zone. The influx of employment opportunities, thus, has led to an increased demand for residential properties in the western region, both for buying and renting purposes.
The ORR has greatly influenced the city’s real estate sector, elevating numerous properties to prime status and drawing attention from homebuyers and investors alike. Once considered the outskirts, several locations along the ORR have undergone a remarkable transformation owing to their proximity and easy accessibility to major IT parks and business districts.
By establishing growth corridors that link together Hyderabad’s western suburbs, the ORR has facilitated the development of housing options in various budget categories with convenient propinquity to commercial hubs. Furthermore, with the widespread adoption of remote work practices, many professionals in the IT and financial sectors seek expansive properties to accommodate home offices. Consequently, it is anticipated that the luxury housing market in these suburbs will experience substantial growth.
A large share of the new supply during the past year 2023 was concentrated in the micro-markets of Tellapur, Kokapet and Nanakramguda in the vicinity of ORR West, while Tellapur, Kokapet, and Miyapur were also some of the most preferred localities by homebuyers.
These neighbourhoods present attractive property choices at competitive prices and enjoy strategic connectivity to employment hubs. The presence of renowned developers and ongoing projects ensure that homebuyers have ample choices to explore. Presently, the average capital prices in the ORR West range from INR 6,500/sqft to INR 8,500/sqft.
Advantages Abound
The advantages of living in ORR West are manifold. The area boasts excellent connectivity to other parts of the city, thanks to the well-maintained road networks. Additionally, the presence of reputed educational institutions, healthcare facilities, shopping malls, and entertainment centres make it an ideal choice for families looking for a holistic living experience.
Moreover, the development of infrastructure projects such as the Hyderabad Metro Rail and the upcoming Regional Ring Road (RRR) has further enhanced the accessibility and connectivity of ORR West. These developments not only make commuting easier but also add to the overall value proposition of properties in the area.
On the rental front, ORR West has emerged as a preferred destination for young professionals working in the nearby IT parks and business districts. The availability of quality rental properties at competitive prices makes it an attractive proposition for tenants.
The median rental value of ORR west is in the range of INR 50,000 to INR 55,000 per month
Looking ahead, the future growth prospects of ORR West seem promising. With ongoing infrastructure projects, planned commercial developments, and the continued expansion of IT and business sectors in the vicinity, the demand for residential properties is expected to remain robust. This bodes well for both investors and homeowners, as property values are likely to appreciate over time.
