To own property in Hyderabad may be the ardent desire of many people in the state of Telangana. This desire is not only warranted but also one within reach of many educated people in the state, and if there is one thing Telangana has no shortage of it is educated people. It came as a surprise that all three IIT toppers this year were from the northern part of the country; the biggest surprise was to the people of Telangana who alone had grown accustomed to achieving this feat.
An attractive locality in Hyderabad and the location of many new projects in Hyderabad is Nallagandla. Located on the outskirts of the city, Nallagandla is an up and coming locality which is touted as an investment destination for real estate in the city. Apartment prices at Nallagandla have already appreciated by close to 20% over the last 3 years and are currently priced at close to 4200 rupees per square foot.
Much of the property at Nallagandla is priced within the reach of middle class homes and 2 bedroom apartments on sale at price tags of 35 lakhs or lower are commonplace. While the price of 2 bedroom flats at Nallagandla reveals low variability between the prices of 2 bedroom flats constructed by distinct developers, the range of prices for 3 bedroom flats constructed by different developers tends to be wider and hence shows a greater variability. For example, a great deal of 2 bedroom flats on sale at the location are priced at or near 35 Lakhs, whereas the prices for 3 bedroom flats can be found to range from 40 Lakhs to 80 Lakhs.
The trend mentioned above may not be unique, perhaps hinting that some developers at Nallagandla are colluding to sell 2 bedroom flats at close to rates mutually agreed upon, and attempting to sell 3 bedroom flats at slightly exorbitant rates.
Nallagandla, is the site of many new projects in Hyderabad as well as a great many upcoming ones. With very few developments that are more than 5 years old and with many new developments under construction, Nallagandla is in the midst of a construction boom and is home to many new residential projects in Hyderabad.
Property in Hyderabad will always sell for a premium, as a metropolis with a higher standard of living than many others in the country and with a powerhouse technology sector there is little to indicate that a city like Hyderabad could ever go bust. Commonsense would indicate that with the massive urbanization occurring in our country, there is little chance that people from all across the country would stop coming to seek opportunities in Hyderabad.
All of these newcomers into the city, whether professionals or not, will aspire to own apartments in Hyderabad. Many will work tirelessly to attain this goal; a great number of them will succeed. Those who do will likely take a home loan from a bank, the money taken on loan from the bank will go on to become part of a developer’s revenue. The developer will use this revenue and construct a development for those who took a home loan.
As long as tens of millions of Indians all across the rural and small urban centers of the country seek and find opportunities in the nations large urban centers, investing in property is a good bet, if not a great one.