With fast paced development, West Hyderabad is gaining momentum and seems like a good option for investment.
Property owners in the west zone of Hyderabad should be pleased to know that real estate prices have risen by 1.9 percent as per Magicbricks research. West Hyderabad has been favoured by potential consumers in the past and this quarter (Apr-Jun 2016) was no different. The localities which stand out in the west zone are Manikonda, Gachibowli and Kondapur.
One of the main reasons behind consumer preference is the establishment of office clusters in this region. The advent of IT/ITeS offices have led to a string of developments in the retail, hospitality and residential sectors. Hence, it will be right to mention that Hyderabad has grown primarily in the western direction. Magicbricks estimation states that 50 percent of consumer preference is concentrated on West Hyderabad.
Price change in the western precinct
West Hyderabad accounts for most of the realty transactions in the market. And why not? With an impressive background of developments, it is not surprising that the quantum of movement is greater than any other zones of Hyderabad.
Every buyer or an investor has their budgets for a property investment. A comprehensive list detailing the price change in different budget segments has been mentioned below:
Overall, the entire region witnessed a price rise. Properties in the budget segment of Rs 3,000-4,000 per sq ft were spread across localities such as Nallagandla, Manikonda and others. These two specific localities saw a 4 and 3.9 percent increase in property prices, respectively. Similarly, Gachibowli and Kondapur had a spread of properties in the price bracket of Rs 4,000-5,000 per sq ft and saw a price rise of 2.5 and 3.3 percent, respectively.
Top localities by consumer preference
Localities in the western zone which seem to have garnered the most attention from consumers for specific budget segments have been mentioned below: Consumer investment preference says a lot about a locality. Everyone researches about a project, a property and a locality before putting in their money. The preference list can be seen as an indicator towards these localities. Obviously, one needs to conduct their due diligence as the requirements of a family and from a property will be different.
Price variations in under construction and ready to-move-in units
After having selected a locality, one might be in a dilemma about the construction status of a property. In both categories (under-construction and ready-to-move-in), there mostly seems to be a price increment.
The difference between the two categories does not seem wide. Therefore, whether an under-construction or a ready-to-move-in unit, an investment in either type of property is lucrative. With the growth in property prices, West Hyderabad does seem like a good option for investment now.
Namrata Ekka, Times Property, Magicbricks Bureau/Hyderabad