Infrastructural Developments in Kondapur Results in Demand of Properties
New Hyderabad or Cyberabad is what comes in one’s mind when one thinks of Kondapur in Hyderabad. Majorly professionals working in MNCs, in the Hi Tech City and Whitefield; Kondapur has many high rise buildings and is the perfect reflection of the New Hyderabad’s professional culture. The locality is peaceful and secure to live in with flats easily available for rent or sale. A well-furnished and well maintained 4 bhk flat in Kondapur, Hyderabad can cost around Rs 1 Crore to Rupees 2.5 Crore; which is not a bad deal at all.
Kondapur is surrounded by areas like the Gachibowli , Kothaguda , Hafeezpet , Serilingampally and Madeenaguda. The Hitech City Railway station is four Kilometres away and it is 30 Kilometres from the Rajiv Gandhi International Airport. The area is well connected, green and peaceful. Multi story buildings decorate the skyline and many new projects are being launched by builders looking at the demand for houses by young professionals migrating to the city.
Sub Localities in Kondapur like the CMC Enclave, Central Park, Gautami Enclave, Colony Golden Tulip, Lay Out, Gouthami Colony, JV Hills, KMR Estates, Kantivanam Colony, Madhava Hills, Estates Narne Estates, Police Colony, Prashanth Nagar Colony, Raghavendra Colony, Rajarajeshwari Nagar, Sai Pruthvi Enclave, Shilpa Valley, Sree Prabhupada Township, Sri Ram Nagar – Block B are some areas where new constructions are coming up and 4 bhk flats in Kondapur are quite popular among the buyers working in top MNCs.
Property prices are consistently on the rise here as the area is witnessing new and good quality of constructions. Major builders have their projects here and more are in the offing. The houses coming up here are modern, well-furnished and have a nice locality. With Hi tech city nearby the realty rates have been up since the beginning. The per Square Feet prices range between Rs 3190 to Rs 5500; depending upon the location, size, construction, furnishing and builder’s reputation. A 4 bhk flat in Kondapur would cost around Rs 1 crore to Rs 2.5 crores , which may be little high if you buy flat anywhere else in Hyderabad. But the area and the type of constructions justify the pricing.
As said above the prices have remained high ever since the infrastructural developments started to gather momentum with the development of offices, IT Parks, Hi Tech City and more. In the time period from January 2010 to March 2010 the prices touched heights and per square feet range reached the level of Rs 4100 to Rs 4500. This sweep continued till the year January to March 2011. Then the prices got a little stabilized and gradually with the correction in real estate market across the country, the prices slid back to Rs 3400 but still maintain a high of Rs 5500 in Jan to Mar 2013. The range is wide and there are many options for a buyer looking for a decent, well-furnished and modern flat in Hyderabad.
The rate of price escalation is a steady 5 per cent per annum over the years for flats, builder floors and apartments but for residential plots the increase is more. As they are finding a favourable response from the buyers the rate of increase is a healthy 31 per cent at the moment. (January to March 2013) and the growth is most likely to continue. In the current market scenario buying a flat in Kondapur is a reasonable proposition as compared to the locality in the adjoining areas. The area is likely to flourish more and hence the property rates are going to increase, (they are already registering a steady growth), for years to come.