Developments in Hyderabad
After last years, Demonetisation and the subsequent reforms in the real estate industry with RERA and GST, the clouds of confusion and uncertainty are slowly vanishing. There is a revival of sentiments in consumers with the onset of the festive season also.
The real estate sector of Hyderabad is looking bright with all the positive steps taken by the current government and the municipality of Hyderabad. The Telangana Government is going to spend almost a whopping Rs. 10,000 crores on just Hyderabad’s infrastructure development. The Hyderabad city is not only becoming an apple of eye for national news and investment but also for international news with celebrities like Ivanka Trump preferring Hyderabad than to other cities of India for business meets and investment. Hyderabad has recently surpassed Bengaluru in foreign investments. Almost all world’s major names and brand companies of businesses of all sectors are present in Hyderabad.
All these factors are also assisting in building a strong base for building Hyderabad, the next hub for the best commercial real estate market. It is seen that when the demand for commercial real estate rises in a particular area, then the demand for residential real estate sector also rises in its surrounding or neighboring areas.
In Hyderabad, areas like Gachibowli, Kondapur, Madhapur, Shaikpet, Hitec city, Banjara Hill, Jubilee Hills, Manikonda and all the surrounding areas and localities are developing very fast. Offices, Hotels, Hospitals, Apartment, Luxury Villa, Sports facility, Shopping Malls, Schools, etc. are building up at very fast rates in these areas.
Manikonda Property Market
It is located in the west of Hyderabad city. Manikonda is one such location, which is emerging very rapidly and has shown a high rate of growth, over the past few years in terms of returns. It is rated as one of the top preferred localities in Hyderabad, for purchasing residential real estate property in the IT corridor spaces. People usually prefer the property location to reside, near to their offices. Manikonda is close to IT hubs like Gachibowli, Raheja Park, Shaikpet, Hitech City and Nanakramguda (Financial District). Most of the IT professionals working in these places, are preferring Manikonda as the best choice to buy a property. Those who get transferred or shifting to other companies in other cities of India are able to put their flats for rent or sale very quickly without many hassles.
Manikonda Property Prices
In Manikonda, you can easily get a flat of 1BHK (460-700sq ft) for Rs 8-20 lakh, a 2BHK flat (800-1800 sq ft) for Rs 22-50 lakh and a 3BHK (1147-2520 sq ft) for Rs 34-79 lakh. The localities have residential plots ranging from Rs 22,000-34,000 per sq yd. Apart from this, you can find villas, independent homes, commercial land and shops in the locality according to your budget.
Several multi-billion dollar projects like Lanco Hills and Hallmark Constructions are present in Mannikonda, providing flats in all segments of 1BHK, 2BHK, 3BHK unit at a very affordable price range. The prices of residential real estate properties such as plots, flats and villas in Manikonda are much reasonable than its neighboring markets of Gachibowli and Hitec city.
Currently, apartments are the most supplied types of property. One needs to be cautious while buying a house in Manikonda because the permits are usually given for the two-story building on the ground floor. Before investing, buyers should make sure that the builder has the required permission to make 3 or more floors.
The airport and railway station are easily accessible through flyovers and Outer Ring Road (ORR). The upcoming of Metro at Shilparamam is also providing a plus point to get connected to far-flung areas of Hyderabad. Also, Manikonda is connected to the neighboring IT Hub via the Old Mumbai Highway, which boosts its good connectivity to Gachibowli and Hitech city. There is a good number of bus frequency between it and Mehdipatnam. Tourist attractions like Golkonda, Qutub Shahi Tombs and Osman Sagar Lake are within easy reach. Many construction builders, land developers of national and international reputes, has already completed many residential projects and handed over the possessions to the buyers.
The wide spectrum of the real estate projects in the residential and commercial segment has helped in building better comprehensive, advanced and sophisticated civic infrastructure in Manikonda. Be its offices, apartments, schools, hotels, supermarkets, banks, hospital or any entertainment avenue - all structural construction are on par with the current architectural trends and providing better quality facilities with the best use of space and materials.
Rent Returns in Manikonda Property
Due to its proximity to IT centers, the rental returns of residential properties perform well and has an approximate rental yield of 5.5%. The rents for 2BHK may vary from Rs 10,000 to 25,000 a month, which is quite satisfactory. Because of all these factors, one should try once property options available in Manikonda before buying any real estate property in other neighboring localities. Also, the proposed ITIR Master Plan in Hyderabad, which will be integrated with the HMDA Master Plan, is likely to bring more organized development to the outskirts of the city in the coming years