Hyderabad real estate prices continue to rise
Hyderabad, September 29, 2006: Hyderabad real estate prices are on a roll. In prime areas, apartments go for anywhere from Rs. 2,800 to Rs. 3,500 per sq.ft a significant increase from even a year ago. According to one real estate source, real estate prices have increased by 10% every week for the last three months.
The nature of demand has also shifted, with discerning clients seeking facilities like a club house, swimming pool, and security. Even for those seeking houses, the preference is for a house within a gated community. An independent house in an upmarket area can go for between Rs. 1.5 to 3.5 crore while a flat would cost close to Rs.75 lakhs.
The IT boom in Hyderabad is driving demand. Almost 50% of buyers are from the IT sector. The IT boom shows no sign of letting up with reports of a 1,500 acre IT park in Secunderabad.
Hyderabad is also a city in the midst of a much-needed makeover. The city is to see major infrastructure projects including an Outer Ring Road, an elevated expressway from the airport to the city, a new bus terminal and two new townships. The Hyderabad Urban Development Authority (HUDA) plans to develop these projects on a private-public partnership basis.
The city is also to see work on a new metro beginning by end of the year or early 2007. The first phase will be 66-km long and is targeted for completion in 2010.
With strong infrastructure development and continued IT-led demand growth, expect property prices to stay on an upswing.
By INRnews Correspondent
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