From a City of Pearls and Minars, Hyderabad has transformed into an international software destination. Stretching its legs across north, northwest, west and south, the real estate market is growing like never before.
The peripheral locations have now become the hubs of major investment by both small and big real estate developers. Land prices at the outskirts that were in the range of Rs 15,000 to Rs 18,000 per square yard in 2006 have now shot up Rs 50,000 per square yard.
Growth engines
This paradigm shift can be attributed to drivers like the new international airport at Shamshabad, the 8-lane Outer Ring Road on Hyderabad’s periphery and better connectivity by efficient MMTS rail that have improved connectivity to all parts of the city and the country.
According to the US based international market research report, it is IT that is really driving the property market in the fourth fastest growing city in the world. Areas around the HITECH city or the IT Park at Shamshabad have witnessed tremendous growth in both residential and commercial property. Global players like Microsoft, Oracle, Satyam Computers and many others are eyeing this area for growth and investment. One such would be CISCO, which has hired 17,000 sq. ft. at Madhapur.
Huge commercial real estate projects like the Divyasagar Omega and Divyasagar Solitaire are also on their way of completion by early 2008.
SEZ wave
One of the reasons for the high growth is also the Special Economic Zones (SEZs) movement in Hyderabad. With 40 IT SEZs, the total investment is expected to reach US$7 billion mark with a potential growth of 50 per cent during the current fiscal year. Out of the estimated 60-70 million sq. ft of IT/ITeS specific commercial office space expected to come up through SEZs alone by 2010 in India, Hyderabad leads with about 30 per cent (25 million sq ft) of the total expected supply.
This has also led to an increase in the prices of properties for commercial purposes. In Begumpet, Panjagutta, Ameerpet and Banjara Hills, the new CBDs of Hyderabad, capital prices range from Rs 3,500 per sq. ft to Rs 4,500 per sq. ft. The old CBD areas in Abids, Koti, Himayathnagar and Nampally have slightly lower rates, as new establishments prefer the new locations.
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