Brand New Address
Hyderabad’s suburbs will soon turn into world- class, self- contained townships
With rising aspirations for luxury, builders in Hyderabad are going all out to appeal to the tastes of those with higher disposable incomes. While Banjara Hills and Jubilee Hills continue to be the premium living addresses, areas in the vicinity of Hitec City— the IT hub of Hyderabad— are newer markets for boutique home projects.
Areas such as Kukatpally, Manikonda, Gachibowli and beyond were once considered the outskirts, but are today turning into self- contained townships. Hyderabadis, who once preferred sprawling bunglows, are opting for villas in gated communities. The starting price of a villa in these areas is about Rs 2.5 crore while apartments range between Rs 4,000 per sq ft and Rs 5,500 per sq ft.
In comparison, the ongoing rates of apartments in Banjara Hills and Jubilee Hills are in the range of Rs 10,000 per sq ft going up to Rs 14,000 per sq ft. A premium apartment complex coming up at Banjara Hills is Brigade@ No 7 by the Banga- lore- based Brigade Group, with an ongoing rate of Rs 12,240 per sq ft, touted as one of the city’s costliest luxury home projects, ready to be occupied by December 2015.
Although the Banjara Hills and Jubilee Hills markets are priced higher, “they are gradually reaching a saturation point and builders are looking for areas beyond Hitec City for gated community projects”, says Yashwant Agarwal of Koncept Ambience. “Gachibowli is already developing well, with high- end projects coming up. Tellapur also looks promising. The rates of the luxury homes in these areas had hit rock bottom over the last couple of years due to the uncertainty generated by the Telangana issue. Builders were holding on to the properties rather than reducing rates further. It is still a wait and watch game for realestate developers, to see how markets fare over the next one year, depending on government policies and other factors,” he adds. However, S. Pochendar, the CEO of Lanco Hills, says,“Now that the decision on statehood has been taken, we’re optimistic.” Lanco Hills is one of the most premium projects in the city— it has 15 towers with a helipad on each. An IT park with the capacity of 45,000 professionals working in it is already under construction in the neighbourhood.
This kind of compact living, where all lifestyle amenities are taken care of, is a big draw for welltravelled couples in the age group of 30- 45 years with a high combined disposable income and who want to invest in luxury homes. Another high- end project, Lodha Bellezza, offers bathrooms designed by French designer Philippe Starck.