Houses selling like hotcakes in Narsingi-Kokapet-Gandipet
Hyderabad: Having a property in Narsingi-Kokapet-Gandipet area is considered as a status symbol for many elite families in Hyderabad. It is not an exaggeration to say that bride's parents are accepting a groom if he has an own house in this part of the city. There is a mad rush to buy homes in this region due to high rentals, continuous appreciation and infrastructural developments.
Located close to the IT corridor and main areas of the city, this triangular area is full of branded high-rise apartments and gated communities. Villas and standalone apartments are not seen in Narsingi and Kokapet. With better connectivity to IT offices, these areas have very less unsold inventory. It is hard to find a ready-to-occupy property in these areas.
Not only IT professionals, the NRIs, bureaucrats, retired government servants and business people also prefer to invest here due to best infra facilities, better lifestyle and no social polarisation. Passionate people live here to stay away from the noise and maintain a healthy work-life balance.
Hyderabad is the best moving residential market in India as it has been preferred by many settlers over Mumbai or Delhi due to the climatic factors and other cultural advantages. Narsingi-Kokapet-Gandipet area of the city is the favourite choice of such settlers, particularly the NRIs, who want to lead a luxurious life after coming back to India.
"Most of the ventures here are being constructed by branded builders and they provide luxury amenities. Despite higher property rates and maintenance costs, we prefer to buy here because my son, who currently works in UAE, wants to reside here after returning back to the city in few years," said S Tirupathi Rao, a retired advocate. He recently booked a 4BHK flat in 18th floor of a high-rise apartment at Narsingi for Rs 2.34 crore. He said that investment in the surrounding areas of Kokapet and Narsingi have a huge scope for appreciation within few years. He is also planning to buy another flat in the same locality with better amenities and at a higher elevation. InfoPropertiez Managing Director Rajesh M said, "Unlike other cities where investor trading is witnessed, Hyderabad residential market is driven by the end-users. Home buyers are chosing properties in Narsingi-Kokapet-Gandipet due to higher rental values. Purchasing a flat in high-rise apartment in this locality is the safe bet for any investor."
"The buyers have seen three times growth in the property value from the time of pre-booking to handover. Though it is not recommended, many people book flats in pre-sale offers and sell out within a couple of years. Those who bought flats at a cost of Rs 5,500 per sft, sold off for Rs 8,000 in less than 2-3 years," he informed without revealing the names of builders.
The real estate developers take up only high-rise apartments here with at least 35-45 floors. Regular buildings with 5-6 floors are not feasible to them owing to skyrocketing land costs. They sell most of the units with Expression of Interest (EoI) in an IPO-like manner. Almost 60-70 per cent units are sold out before the launch of the project.
In spite of penalties, pre-launch booking continues here due to high demand for residential properties. The realtors have their own ways to generate business. They will confuse the customers with magical calculations on the land kept for common areas. There are not only 2/3 BHK flats but 4/5/6 BHK flats are also available with carpet area up to 7,000 sft.
Those who wish to buy villas and individual houses are looking towards Gandipet village of Rajendranagar revenue division. As the builders are unable to get required permissions for high-rise apartments, housing plots and villa projects are available in this area. With growing demand for villas here, Telangana government may revoke GO 111 after coming elections.
The GO 111 was issued in 1996 to prevent pollution at water bodies due to industrialisation and heavy construction activities in 84 villages including Gandipet. Recently, the State government sought time from Telangana High Court to reveal its plans on revoking the order. Once it is cancelled, many apartments are likely to come up in this area.
The home buyers are seeking minimum 300-400 sq yard villa in Gandipet. The land component and construction at Rs 12,000 per sft together make the cost of each property around Rs 5-7 crore. Also, there are some individual houses being constructed in Narsingi village but most of them are built without approvals. Buying such properties prove to be a risky affair.