Brand New Ad­dress

Hyderabad’s sub­urbs will soon turn into world- class, self- con­tained town­ships

India Today - - REAL ESTATE - by Mona Ra­ma­vat

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.

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