Micro Markets Kokapet, Tellapur, Bachupally Shine on Demand From IT, Pharma Cos
Hyderabad:Hyderabad’s real estate landscape is changing rapidly even as the prices have gone up by 20 to 33 per cent in one year in a few micro markets.
For instance, in Kokapet, the real estate prices have increased 33 per cent to hover around Rs 9,000 per sq.ft. as of June this year. It was about Rs 6,750 per sq.ft. in the first half of last year. Likewise, Bachupally has seen the price per sq.ft. rise to Rs 5,800 this year from Rs 4,700 last year.
Another micro market, Tellapur, saw the prices hit Rs 7,350 per sq.ft. this year from Rs 6,100 per sq.ft. last year, according to data culled out by real estate consultancy Anarcok.
On the driving factors, Dr Prashant Thakur, regional director and head – research, Anarock Group, said Kokapet has also emerged as a rapidly growing locality, driven by its proximity to major IT hubs and excellent connectivity through the Outer Ring Road. The area has seen the development of gated communities, high-rise apartments, and luxury villas to meet the growing demand for quality housing.
Tellapur is also in the proximity of the IT hub of the Financial District and the Outer Ring Road (ORR), making it one of the prime locations that draws in homebuyers and investors. As per Anarock Research, the area has seen 33 per cent price appreciation in the last one year alone.
IT-ITeS majors’ campuses, including Wipro, Microsoft and Infosys, have made Tellapur a popular place for housing development. With increasing recognition, the neighbourhood has evolved from a remote area to one of Hyderabad's most sought-after residential real estate markets.
Bachupally now is a popular pharmaceutical hub and home to research and development centres of many global pharma manufacturers. It has seen 23 per cent price appreciation in the last one year.
The growth of these micro markets has been consistent over the last five years. Kokapet saw an 89 per cent appreciation in the prices. Over 12,920 units of new supply happened here in five years and more than 50 per cent of the new launches were in the ultra luxury category priced over Rs2.5 crore. Units priced from 1.5 - 2.5 cr were also significant in number, showed a recent report from the agency.
Tellapur also finds place in the recent top ten micro markets list for new supply. It added 18,960 new units in five years and about 66 per cent of it came from the mid and premium segments. The remaining came from units in the Rs 1.5 crore and above price bracket.
