Solid Demand for Swanky Homes in Hyderabad

Published: March 9, 2011

The sale of the ailing middle class housing schemes in the city could have dropped to an all time low with most projects finding no takers even after a 30-40 per cent slash in price. Doing well, however, is the premium realty segment of Hyderabad that has witnessed a jump in sales over the last few months. And what’s more, the swelling demand for these star accommodations has even encouraged developers to hike their property prices by a good 15-20%.

Be it NSL Infrastructure Ltd’s project ‘Orion’ in Raidurg or Konnect Ambience’s ‘Botanika’ in Gachibowli, Lodha Group’s venture ‘Bellezza’ near Hi-Tec City or Aditya Constructions’ ‘Empress Park’ in Jubilee Hills, the rates of each of these properties have gone up by Rs 1,500 per sft in the last few months. If these premium flats and villas, spread over Rs 4,000 per sq ft, were earlier priced at Rs 5500 to Rs 6000 per sft, they are now touching the Rs 7,500 per sft mark.

“The demand in the premium sector is only surging by the day. Those capable of buying these properties do not seem to bother either about inflation, the political unrest or poor performance of the market over the last two years,” said Rakesh Talwar , vice-president (marketing and sales) of NSL that is now selling its swank villas in Raidurg for Rs 3.3 crore as against Rs 2.6 crore, its price not too long ago. Similarly, Lodha that launched its ‘Bellezza’ project at Eden Square, between Kukatpally and Hi-Tec city, in 2009 at the rate of Rs 4,500 per sq ft has now revised it to Rs 6,300 per sq ft. Senior executives of the realty firm claim that the hike in price has failed to slow down its soaring sales. “We have sold more than 200 of our 600 villas, which is great going,” said Abhishesh Jai-swal, head of sales, Lodha Group (Hyd).

And to justify their escalating rates, developers have added extravagant features to the properties. If some have thrown in an exotic club house, others have incorporated a chic spa. Then there are Italian marble floorings, modular kitchens designed by leading international brands (the price starts from Rs 12 lakh approximately) and European/Japanese lifts that cost not less than Rs 8-10 lakh. “The rich in the city want such comforts in their houses and do not mind spending a few extra lakhs or crores to get it,” said real estate consultant B V P Raju adding how the drop in supply of such homes (due to a slow down in construction activity in the city) has further increased its demand.

And not just residential, premium commercial properties too seem to be doing well. After touching a low of Rs 28 per sft, during the ‘T’ agitations, the rentals of these office spaces have now shot to Rs 39 per sft or more. “Interested parties are in fact ready to pay as much as Rs 41 per sft in some of the leading SEZs in the city,” said Sreedhar Reddy , president, AP Realtors Association.

Source: The Economic Times

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2 Comments so far

  1. Ramakrishna October 6, 2012 11:11 am

    Nice post. Thanks for sharing a great article

  2. Ramakrishna December 14, 2012 12:04 pm

    I agree with you, and now in 2012 many real estate projects are coming up. Many gated communities are being developed in Hyderabad

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