Neha had been interviewed by a top global company and was waiting for the final selection call. When the confirmation came, she was elated beyond measure. But she was a tad bit apprehensive too. She was from Mumbai and was placed at the company’s Hyderabad office. Not that she was uncomfortable relocating to a new city but the thought of searching for rentals gave her the jitters. Luckily an old friend of hers offered her a stay at her apartment till she found a place for herself. She had stayed in Hyderabad for an office project some four years back but the way Hyderabad welcomed her this time around has been a mesmerising experience. She was highly impressed with the infrastructural and the commercial development in the city and decided that instead of mulling over renting an apartment, she might as well purchase a 2BHK apartment near Hyderabad’s IT hub.
You might wonder if Neha made a smart move in deciding to buy an apartment in Hyderabad? YES, she did! Here are a few reasons to prove the point.
While many working professionals migrating in from other cities might contemplate on a home-buying decision in Hyderabad but the smart development of the city and steadily rising price makes it a good investment option. Be it for end-user or rental, investing in a property in Hyderabad at present proves to be a smart decision. Since the city is experiencing a rapid IT expansion, a huge workforce from other Indian cities are relocating to Hyderabad and residential apartments are in high demand.
Hyderabad real estate market
The exponential growth in Hyderabad will soon place Hyderabad as the leading metropolitan city in India. The two major IT hubs of Hyderabad is home to global companies like Google, Amazon, Apple, Capgemini, Infosys, Wipro, Microsoft, Cognizant, TCS among others. The world’s one of the largest furniture and home furnishing store has set up its first Indian store in Hyderabad. Due to thousands of big giants and start-up companies choosing to set up their business in Hyderabad is drawing a young workforce and the number is increasing over the years. This has lead to high demand for housing spaces. So the real estate market in Hyderabad is on a boom at present.
Affordable property price
Who wouldn’t love a considerable big living space on a budget? According to a study published by the economic times, among other metropolitan cities like Delhi, Mumbai, Chennai or Bangalore; Hyderabad is still offering luxury housing spaces at a price comparatively much lower. Also, the low price factor has witnessed an increase in the sale of property in Hyderabad by 32% (from 2014 to 2017) while the rest of the metropolitan cities have had a sluggish response to the real estate market.
The average property price of gated community apartments within 7-8 kilometres of the IT parks of Hyderabad is Rs. 4000 – Rs. 5000 per square feet and for standalone apartments at a 10 km distance, the price can even be as lower as Rs. 3200 per square feet. There are a number of affordable housing options which makes the Hyderabad real estate sector a lucrative market.
Convenient property location
Due to space scarcity within the city limits, multinational giants setting up their business in Hyderabad are choosing the suburban locations that were long unexplored. The areas like Gopanpally, Nanakramguda, Nallagandla, Puppalaguda, Kokapet, Manikonda located around the biggest IT hub of Hyderabad, Financial District are witnessing significant growth. Big players in the real estate sector are building self-sufficient gated community apartments and villas with all the modern amenities that cater to the demands of the home-buyers. Also, these localities situated within a 5-6 km distance from the workplace save commute time avoiding the peak traffic.
With an advanced infrastructural development in the past couple of years, the road connectivity to the rest of the city has improved.
These are a few factors that drive the real estate market in Hyderabad making it one of the most preferred choices for young home buyers. Since the real estate market is experiencing a price appreciation by 10%-12% every year, this is supposedly the right time to invest in a 2 BHK apartment in hyderabad or 3 BHK apartment in hyderabad.