Hi-Tech City is considered to be one of the most premier Information Technology Hubs in the country. It is located in the north western part of the city of Hyderabad. Most of the micro markets around Hi-Tech City have prospered because of the rise this locality. The infrastructure in and around this area has developed so much in the last few years that this part of Hyderabad can be considered to be New Hyderabad, a city unto itself.
The going rate for villas in Hi-Tech City stands at INR 5000 per square feet on average. About a year ago the going rate for this property type stood at INR 8300 per square feet on average. In the last quarter of 2013 the going rate for villas in Hi-Tech City stood at INR 8600 per square feet on average. This was an increase of INR 300 per square feet. But in the first part of 2014 the going rate started sliding southwards. The going rate for these properties stood at INR 6200 per square feet on average for the first few months in the beginning of the year.
The going rate for properties in Hi-Tech City such as apartments stands at INR 4100 per square feet on average. This was a dip of about 5% when compared to the previous quarter where the prices stood at INR 4400 per square feet on average. About a year ago in the third quarter of 2013 the going rate for apartments in this micro market stood at INR 4600 per square feet on average which was an increase of about 4% when compared to the previous quarter. In the last quarter of that year the going rate for these properties increased by another 3% and stood at INR 4800 per square feet on average.
3 BHKs apartments are the most preferred apartment configuration in this micro market. This is followed by 2 and 4 BHK apartments. The most preferred unit size for properties in Hi-Tech City falls between 1001 to 1250 square feet. This is followed by the 1251 and 1500 square feet range. The most preferred budget range for apartments here falls between INR 30 to 40 lakhs. This is followed by the INR 40 to 50 lakhs range. Buyers are willing to spend an amount which is lesser than or equal to INR 2000 per square feet. This is followed by the INR 3501 to 4000 per square feet range.
The area has a high concentration of IT companies. Since it a centre for employment, there is always demand for properties here. The rental market here is also robust because of the same fact. A 2 BHK apartment can fetch a rent that falls between INR15000- INR 20000 per month. Experts say that the real estate in areas such as Gachibowli, Kondapur and Manikonda have grown and prospered because of Hi-Tech City. Though some say that the micro market is saturated, the future of the real estate in Hi-Tech City looks really bright.
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