n Hyderabad are on the rise driven by high demand as more and more people look to move away from densely populated areas and townships amid the raging Covid-19 pandemic.
The periphery of Hyderabad has witnessed a lot of plotted development projects around the Outer Ring Road as land is affordable as compared to built-up real estate.
In plotted development, affordability, connectivity and proximity to economic corridors are key influencing factors and land appreciates faster than a condominium.
“Hyderabad has witnessed a surge in plotted developments in the recent past,” said Veera Babu, managing director, Cushman & Wakefield-Hyderabad.
“With increasing activity in commercial leasing and improved physical and social infrastructure in the peripheral ‘Outer Ring Road growth corridor’, we anticipate a steady rise in capital prices in the region and we expect this trend to continue over the next 3-5 years.”
As per Cushman and Wakefield, cumulatively nearly 3,100 units were launched since 2019 until date, across 14 projects in Shankarpally, Bhanur and Mokila regions (West Quadrant).
Top developers of the city like Aparna, House of Hiranandani, Virtusa, Bhavani and PVR NSE -4.41 % have either ventured or are venturing out to cater to such demand.
“We are seeing a growth in the number of people interested in buying residential real estate in Shankarapally and are already capitalising on this demand with our plotted development project at this location,” said Prashin Jhobalia, VP marketing strategy, House of Hiranandani.
“In a span of one month, we have sold 50% of our plots and are confident of selling the remaining plots much before the handover time. The demand for these plotted developments has been witnessed from all corners of the globe from NRI’s and Indian residents from various cities,” he said.
Shorter project life cycles of such developments make them attractive even for developers, especially in the current conditions.
Since last year, the southern cities of Bengaluru, Hyderabad and Chennai have seen a rise in plotted development, with potential homebuyers showing a preference for independent residential units as social distancing and workfrom-home get widely implemented because of the Covid-19 pandemic.