Hyderabad Real Estate Boom: Gachibowli, Kondapur, and Miyapur Witness Soaring Home Prices

1. The Growing Desire for Opulence in West Hyderabad

The real estate landscape in West Hyderabad is undergoing a significant transformation, fueled by an increasing demand for larger premises and luxurious amenities. The once-standard 2,500 square feet apartments are making way for opulent residences, with some reaching a lavish 16,000 square feet. This surge in demand is reshaping the city both vertically and horizontally.

2. Catering to High Net Worth Individuals (HNIs) and NRIs

West Hyderabad emerges as the preferred destination for high net worth individuals (HNIs) and non-resident Indians (NRIs) seeking luxury living. The area’s top-notch facilities and growing desire for expansive spaces are pushing residential prices to new heights. Competing real estate developers are vying to offer the most luxurious homes, making West Hyderabad a hotspot for upscale living.

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3. Beyond IT Workers – A Citywide Affluence Trend

The demand for homes in Gachibowli, Kondapur, and other parts of West Hyderabad isn’t solely driven by IT professionals. Wealthy and aristocratic families from the city and its surroundings are actively investing in or purchasing homes in this thriving area. V Rajashekar Reddy, the head of Credai in Hyderabad, highlights the broad appeal of West Hyderabad across various demographics.

4. The Evolution of Residential Spaces

The need for more significant living spaces and luxurious residences has propelled the surge in prices in West Hyderabad, particularly in Gachibowli and Kondapur. Residential buildings that were once capped at 2,500 square feet are now dwarfed by 16,000 square foot apartments. K Raja Reddy, president of the Greater West City Builders Association, predicts a continued upward trajectory in land prices, driven by recent record-setting auctions.

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5. Soaring Land Prices and Real Estate Predictions

Predictions for West Hyderabad’s real estate market point to skyrocketing land prices, exemplified by the record sale of Kokapet’s Neopolis layout, fetching over Rs 100 crore per acre.

This significant increase in land prices is likely to impact apartment costs, creating a ripple effect across the residential real estate market in the area.

6. Middle-Class Real Estate Dilemma

V Srinivas, Vice President of the Telangana Builders Federation, highlights the substantial increase in home costs in West Hyderabad’s IT corridor and Gachibowli Financial District.

This price surge has prompted middle-class buyers to explore alternatives in other city areas, where the cost of a duplex villa equals that of a 2BHK apartment in these affluent locations.

7. Micro-Market Price Surges

According to Anarock Group’s research, Gachibowli and Kondapur are currently the top micro-markets in India. Gachibowli and Kondapur experienced an impressive average home price surge of 33% and 31% from January 2020 to October 2023. Miyapur also saw a significant 28% average price increase during this period, indicating strong demand for homes citywide.

 8. Hyderabad’s IT Boom – A Catalyst for Price Appreciation

Prashant Thakur, from Anarock Group, has identified Hyderabad, Bengaluru, and Pune as the top cities with significant increases in home prices. These increases are due to their IT-driven industries. Hyderabad stands out due to comparatively lower pre-pandemic average prices, making it an attractive landscape for real estate growth.

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