THE TECH TONIC
From city outskirts, Gachibowli is turning into a global village
Just a decade ago, an area on the outskirts of Hyderabad suddenly shot to international fame. Gachibowli hosted the Afro-Asian Games in 2003 and has managed to stay ever since on the world map. The stadiums that came with the games brought development. Soon enough, the IT boom brought technology giants such as Microsoft, Amazon, Cognizant, Infosys and Wipro here.
“With a high concentration of IT companies and being strategically located between Hitec City and the Financial District, Gachibowli is turning into an area with maximum employment generation and good investment potential,” says D.S. Prasad, director, Aparna Constructions. “People like to live close to their workplace to reduce commuting time and retain a certain quality of life. Besides, infrastructure projects like Hyderabad Metro and Outer Ring Road that connect Gachibowli to the international airport make residential realty attractive here,” says P. Dasharath Reddy, president, Andhra Pradesh Real Estate Developers Association.
The Outer Ring Road gives Gachibowli direct access to the international airport at Shamshabad, 22 km south of Hyderabad. The proximity to airport in a city that has become the hub of global business was the biggest driver of growth.
Gachibowli is slowly becoming a centre of education too. Top educational institutions such as Indian School of Business ( ISB) and International Institute of Information Technology ( IIIT) are already here. Though it has hotels such as The Trident and SLN Terminus mall is also coming up, Gachibowli doesn’t yet have the many recreational facilities a high-profile area is expected to have.
Gachibowli’s popular residential projects include The Botanika which overlooks the picturesque Botanical Gardens; Ramky Towers; the upcoming My Home Abhra; and those by Aparna Group. Prices of homes range from Rs 3,700 to Rs 6,000 per sq ft while commercial properties are available from Rs 6,000 to Rs 14,000 per sq ft. Property prices are likely to go up by about 20 per cent over the next few months.
“Now that the decision on Telangana has been taken, the market is likely to witness an improvement,” says Sandip Patnaik, Hyderabad managing director of Jones Lang LaSalle. Nand Kishore, executive director, Ramky Estates and Farms, says the boundaries between a growing Gachibowli and surrounding areas such as Nanakramguda are fading fast. From a nondescript area just a decade ago, Gachibowli is fast turning into a global village.