It was back in 2011-2012 when Priya had first shifted to Hyderabad owing to a new job. Although the city was well-developed and the roads well-planned but there still many areas of the city that were barren lands. After a year or so, she shifted to another city that was highly developed with a commendable infrastructure. Recently she came back to Hyderabad and was amazed by the look of the city. Is it really the same city that she left just 6 years back? Flyovers, skywalks, metro rail service, tall residential towers, world-class office spaces; Hyderabad has changed in terms of infrastructural and real estate development.
Following the state division in 2014, the political stability of the city has proved to be beneficial as the Government’s primary focus was the infrastructural development of Hyderabad.
“Hyderabad, a densely populated city and a major IT/ITeS hub, is fast transforming into a mega-city with high liveability index. Furthermore, the city enjoys the benefit of a circular development due to the Outer Ring Road which helps in multi-directional growth,” ANAROCK Chairman Anuj Puri said in the city report.
The real estate boom in Hyderabad is indeed commendable. What are the reasons behind this growth?
A boom in the real estate sector
Recent reports by ANAROCK stated that there has been a 32% growth in the property sales from 2013-2014 to 2017. In the same time period, other cities like Delhi, Gurgaon, Mumbai, Pune, Kolkata, Bangalore and Chennai have experienced a drop in the real estate sales. It was only in Hyderabad that the real estate developers were not disappointed.
Be it rentals, apartments or plots, Hyderabad is still at an affordable rate compared to other developed cities. In some localities that are within a distance of 10 km from the major IT hubs still quote property prices at 4500/sft which is way more affordable. This leads to an increase in demand for residential properties in Hyderabad.
Also, land in Hyderabad is available at a much cheaper rate that has encouraged real estate developers to invest and build residential projects.
Rentals in gated community apartments are comparatively cheaper compared to Mumbai, Delhi, Gurgaon, Bangalore or Chennai that has increased the residential demand by the IT workforce moving in from neighbouring cities.
In terms of connectivity, Hyderabad indeed stands out than most other Indian cities where a lot of chaos prevails. Elevated corridors, well-planned and structured roads, the 8-lane ORR highway that stretches for 158 km has improved connectivity to all parts of the city. The Hyderabad Metro has started its operation since November 2017 and has made the commute easy for IT professionals travelling long distances.
Big IT giants, Blue Chip companies and emergence of start-ups
Global giants like Google, Apple, Amazon Data Centre, Microsoft, Deloitte, Capgemini, Genpact and other blue-chip companies like TCS, Wipro and Infosys are continually expanding their base in Hyderabad. The availability of cheap plots of land and affordable co-working spaces have encouraged companies from around the world to invest in Hyderabad. One Plus has announced its world’s biggest store opening in Hyderabad soon.
The setting up of these companies and more have increased employment opportunity for people from all over the world. With so much population, the residential real estate sector is bound to grow.
Hyderabad Traffic: Better off compared to other cities
The widened roads, a good number of flyovers and footpaths, the traffic condition in Hyderabad is way improved than the rest of the metro cities. Also, not to forget the recently started metro rail service that has diverted the traffic off the roads. In peak traffic hours, a 12 to 18 km distance can be covered within 30-40 minutes while in other cities like Bangalore or Pune, it might take more than an hour.
A Safe City
According to a TOI survey in 2017, conducted on women safety across major cities in the country, Hyderabad was helmed as the safest city in India for women. Because of its safety quotient, the female IT crowd were willing to stay at a distance of 5-10 km from their workplace without any fear of commute. Moving to a new city and feeling safe is often the priority for young women professionals. A majority of them work in the IT, ITeS and financial sectors at night shifts without fear of being assaulted or harassed. Cyberabad is equipped with CCTV cameras at all places, constant police patrolling and the presence of SHE teams that makes it a safer city for women to stay in.
Let’s admit the fact that no city in the world is 100% safe. Every city has its own share of crimes and offences. Hyderabad is no different. There might be some unfortunate incidents.
Quality of life
Since 2014, Hyderabad has consistently been ranked as the best city to live in India beating Delhi, Bengaluru, Mumbai or Chennai. Hyderabad is the newest technology hub in India. With existing global giants and many more companies expressing their interest in setting up a business in Hyderabad, the employment is on a rise. The Healthcare index, Safety index, Climate index, Cost of living index; everything meets a high Quality of Life index.
Advancement in Infrastructure
A recent TOI article has revealed that Telangana state has spent about 63% of the total budget allocation on economic and infrastructural development. The cost involved development of the urban and suburbs, construction of roads, bridges, sewerage, civic amenities and housing. There are also future infrastructural plans for the city like underground drainage network, proper road network for connectivity, water grid, and two more ring roads conjoining with the outer ring road for a better commute of the residents of the city.
The Government is planning to make Hyderabad a global city with further development projects.
Government Policies on the real estate
The Telangana State Government has imposed a few regulations that will boost the real estate sector and ease transactions between buyers and sellers. The implementation of Government policies like RERA, GST and the past Demonetization has worked in favour of residential home buyers and sellers. This has definitely boosted the real estate sector.
Amongst the other regulatory actions, it is the RERA that has piqued the interest of the buyers to invest in the real estate sector. This act stands for complete transparency in the sales and transaction process, mandatory registration and strong penalties.
Furthermore, the implementation of RERA has also improved the activities in the commercial real estate sector that has created more job opportunities in the city. More opportunities mean a higher demand in the residential real estate sector.
With unlimited job opportunities and infrastructural advancement, Hyderabad is indeed experiencing a boom in the residential projects compared to the other metro cities.