Affordable luxury properties in Hyderabad are said to offer great possibilities in the unprecedented real estate market conditions, which are currently prevalent. Some localities in Hyderabad with a bankable affordable luxury inventory include Chandanagar, Madhapur and Ghatkesar.
With an unprecedented market environment to deal with, luxury real estate developers are trying to work out reasonable pricing strategies for premium projects. Hyderabad, with its vast inventory of luxury real estate, is expected to be a frontrunner in providing competitively priced options in this segment under the affordable luxury housing paradigm.
The investor bubble in the luxury home segment was traditionally populated by entrepreneurs, NRIs and celebrities, or salaried buyers with hefty paycheques. In comparison, the affordable luxury home market in Hyderabad, comprised of localities such as Chandanagar, Dammaiguda and Nizampet, caters to the growing millennial and aspirational buyer bracket.
Rakesh Reddy, Director, Aparna Constructions & Estates
The key factor spurring Hyderabad’s ascent to the top of the luxury property market is the tremendous value available without compromising comfort and convenience. Compared to Delhi or Mumbai, luxury homes in Hyderabad are comparably much larger with more amenities for similar price points. Hyderabad’s fast-paced infrastructure development is encouraging new growth corridors to be identified, which addresses the increasing real estate demand and helps control rising prices, which encourages expansion in the affordable luxury bracket. New areas are gaining recognition for their proximity to industrial hubs, social infrastructure, and investment potential.
Let us see what attracts buyers to some of these localities:
Of the available inventory in Chandanagar, about 34 percent of homes lie in the budget segment of Rs 80 lakh to Rs 2 crore in projects with premium amenities. About 18 percent of available accommodations consist of independent houses and villas, mostly priced under Rs 2.5 crore. As Chandanagar is a suburb situated on the outskirts of Hyderabad, luxury villas and 3-4 BHK flats in premium projects are available at cheap price points.
Aavaas from Nebula Developers and Silver Oaks from Aparna Constructions are popular projects here where you can find premium amenities such as clubhouses, in-house shopping complexes, visitor parking, swimming pools, recreational facilities and Wi-Fi connectivity. However, capital ‘asks’ here lie in the highly affordable range of Rs 3,600-4,800 per sq ft.
“Independent houses and villas with three to four bedrooms, multiple bathrooms, separate puja rooms and walk-in closets are aplenty in Huda Colony in Chandanagar. Even with added advantages such as 24/7 security and a gated community, standalone homes command prices in the range of Rs 80 lakh to Rs 1.5 crore,” avers Srinivasa Rao, property consultant, MS Real Estate.
One of the most popular residential localities of Hyderabad, Madhapur houses an ever-growing IT workforce employed at tech corporations within the locality as well as the neighbouring HITEC City. Providing a walk-to-work lifestyle should come with a hefty price tag on properties, but this locality subverts this trend with its reasonably priced luxury offerings, tailor-made for the millennial buyer segment.
There are plenty of premium projects in this region from up and coming developers such as NCC Urban, Manbhum Constructions and Cyber City Builders, with majority 3 BHK and 4 BHK configurations. Prices start from Rs 1.8 crore for a 3 BHK luxury unit and stop short of Rs 3 crore if you are going for a 5 BHK accommodation. Another advantage of investing in these affordable luxury offerings are the carpet areas - nearly 2,300 sq ft in a 3 BHK unit and close to 4,000 sq ft in 5 BHK units.
This is as of yet a fairly untapped micro market, situated along the periphery of Hyderabad. There are plenty of independent homes and villas in the posh gated colonies of Balaji Nagar and NFC Nagar in the Ghatkesar neighbourhood. As prices lie in the affordable range of Rs 80 lakh to Rs 1.5 crore for these standalone homes, salaried individuals with moderate paycheques are investing in them for rental income. Developer firms such as Modi Builders and Sunrise Group have recognised the potential of this locality, with competitively priced luxury units in projects such as Golden County and Suncity.
Much remains to be done in terms of the social infrastructure of this locality, given the unbound potential for real estate development here. The Telangana government is planning to develop an IT hub in and around this locality as part of its ‘Look East’ policy. Another upcoming addition is the metro line connecting the eastern localities of Pocharam, Medchal, Keesara and Shameerpet to Ghatkesar, which is expected to do wonders for real estate demand here.
|Luxury properties in Chandanagar, Madhapur and Ghatkesar|
|Locality||Project name||Developer name||Available configurations||Price|
|Chandanagar||The Gardenia||Modi Builders||3, 4 BHK independent houses||Rs 98 lakh-Rs 1.5 crore|
|Chandanagar||Ansari Arcade||Ansari and Associates||3, 4 and 5 BHK apartments||Rs 70 lakh - 2 crore|
|Madhapur||Radhey Sancia||Radhey Constructions||4 BHK independent houses||Rs 75 lakh -1 crore|
|Madhapur||Marina Skies||Cyber City Builders||3, 4 BHK apartments||Rs 85 lakh-1.5 crore|
|Ghatkesar||Pinewood Homes||Modi Builders||4 BHK independent houses||Rs 90 lakh-2.5 crore|
|Ghatkesar||Ankushapur Villas||Sunrise Group||Independent houses||Rs 85 lakh-2 crore|
Source: 99acres listings
As per a Liases Foras Report, properties in Hyderabad will continue to be the leader in affordable luxury for at least another half a decade before any other city can catch up. As compared to other Tier-I cities, real estate in Hyderabad still holds massive potential for innovation in luxury housing projects, without overtly increasing the ‘asks’ of the residential units. Competitive pricing is the need of the hour, and developers in Hyderabad are sure to capitalise on this trend.