Sunday, August 06, 2006
Where are the houses in Hyderabad?
Fine and individual elevation, spaciously built with adequate room for every member of the family, enough bedrooms, a small patch of greenery in the front and place for children to run and play around.
If such an independent dwelling is what you look forward to in the city or even in its immediate suburbs, it could be a dream hard to realise -- at least for the middle class given the unprecedented escalation of property prices.
With availability of plots in the city turning scarce, its otherwise desolate suburbs saw townships and colonies springing all over.
The growth continued in expanding circles with some areas getting more attention while others registered partial development. But entangled in a realty boom, even suburbs appear to be no more in the reach of most when it comes to owning an independent property.
Toooo.. hot
While Mumbai Highway drew first blood and prices of independent houses measuring an average 200 sq.yds rose from a mere Rs.5-6 lakhs to Rs.45 lakh plus in just two years, other outskirts too joined the race. Whether it is Uppal, locations beyond Santoshnagar, Medchal and across or Nacharam and further down, it is the same tale.
Those scouting for an independent property lament at the way their dream homes are now out-of-reach. "I went around with agents for an independent house but not one matching my requirements was available at less than Rs.45 lakhs," says Rajeshwar Rao, a retired Government employee.
Similar are the woes of many who went to suburbs hoping the distance from city heart would translate to a lower price. But what confronted there left them confounded. Even at 20 km from city, the prices are in a spiralling mode at what is described as unrealistic pace. For every square yard, Gachibowli demands Rs.12,000 to Rs.15,000, Chandanagar about Rs.15,000 while Medchal, Kompally, Uppal and Hayathnagar are fast moving into the same bracket.
Some owners who had put their property for sale at KPHB, Kondapur and Gachibowli respond to initial calls with a quote of Rs.20,000 to Rs.22,000 per sq.yd.
At these prices, a 300 sq.yds house would mean an investment of anywhere between Rs.45 lakh to Rs.50 lakh on land and with rising material costs, another Rs.15 to Rs.20 lakh on construction, sighs P. Yadagiri, a middle-level executive who gave up a futile search for a house at Kondapur.
Just developing locations and those with potential to develop in future too have pegged their demand and are commanding what some describe as ludicrous rates. Plot sellers at Bachupally want Rs.5,000 to Rs.7,000 while those at Ameenpur are asking Rs.8,000 and upwards. The realty prices at Tellapur and Nallagandla, which do not boast of many amenities, have already crossed the Rs.10,000 mark.
The duplex and triplex concept that caught public imagination in recent times though built on smaller plot size too comes at a cost. While those away from the city come in the Rs.20 lakh bracket, the hotspots have these at Rs. 60 lakh and in some cases even Rs.1 crore and above. All these were unheard of till a year back in the city.
Only flats, sob!
This trend has narrowed options of many property seekers to apartment flats. And however much they might yearn for a house of their own and hate to share everything from parking to staircase to water sump with others, they are left with no choice but to browse through brochures from apartment developers.
