Indian Real Estate

Notwithstanding the contemplated political uncertainty in the State, real estate developers are busy giving a final shape to their plans for mega residential projects that will further improve the profile of Hyderabad as a hot destination for property investment.

These projects, mostly developed by local construction giants like Myhome, Jayabheri, Indu projects and IVRCL, are coming up in 10 to 30 acres of land and will comprise apartment complexes with towers going beyond 20 stories. Prices for these complexes could vary between Rs 3,000 and Rs 4,000 per sq ft. The high price, they say, is because of the multiple facilities — club houses, swimming pools, tennis courts, malls and multiplexes — that are planned as an integral part of the projects.

Another common feature that binds these projects together is that they have all been temporarily grounded (for the past four-five months) because of court orders, according to which the municipal authorities have been asked not to give a fire clearance to multi-storied buildings. “We will start the construction the day we get permission. But the issue still remains unsettled which has also caused our project cost to increase abnormally,” laments Dr Rameshwar of Myhome.

Myhome is ready with its plans to build 11 towers to house 1,500 flats in 30 acres on the Hitex-Miyapur road while 600 flats in 10 acres of land is Indu Projects’ target which is a part of Indu Fortune Fields near Kukatpally 13th phase. Jayabheri will have 600 apartments in 20 towers spread over 14 acres of land in Gachibowli.

According to the grapevine, IVRCL is closing the deal with land owners to create both commercial and residential space in 10 acres just behind Hitec city first phase.
“Each tower having a two-floor car parking space and 10 floors will be built at a distance of 90 ft, which is 40 ft more than the required space between the towers. Besides solar fencing, we also plan to instal closed circuit cameras in the balconies to make the place totally secure,” informs Dr Rameshwar.

Indu projects which has already sold all the proposed 376 villas at Fortune Fields has readied its plans for the 600-apartments complex in the adjacent 10 acres plot. “Hyderabad’s potential as a property gold mine is increasing because of infrastructure projects like Outer Ring Road. Besides IT professionals, people working in infrastructure building companies, most of which are located in the State have become potential buyers because they can afford it,” Mr Shyamprasad Reddy of Indu Projects points out.

The size of each apartment at Fortune Fields will be between 1,800 and 1,830 sq ft. The developers have been projecting the club house built in 25,000 sq ft as an unique feature of the project. “We will also build malls and other entertainment facilities as an added luxury,” he added.

Buoyed by the successful marketing of 280 apartments for Rs 3,500 per sq ft at Nanakramguda within just one week, Jayabheri has put up 600 apartments in the proposed complex at Gachibowli for sale for a whopping Rs 4,000 per sq. ft. The company which revolutionised the living culture in apartments with its Silicon Valley, is confident of getting buyers for the proposed project. “The cost of property in prime areas is still affordable in Hyderabad compared to Rs 8,000 per sq ft (market rate) in Bangalore, Rs 11,000 in Chennai and 14,000 plus in Mumbai,” says Maganti Ram Mohan, director Jayabheri.