House buyers flock to Hyderabad

More and more people from other states are investing in real estate in Hyderabad, as property prices have skyrocketed in New Delhi, Gurgaon, Mumbai , Kolkata, Bangalore and Chennai. Despite the realty boom, prices of flats and houses in Hyderabad are lower than in other metropolitan cities. Those who are unable to buy their dream homes in the cities they dwell in, are able to do so in Hyderabad.

A survey by Makaan.com, an online real estate portal, has revealed that many North Indians were acquiring properties in Hyderabad. "Most buyers feel that they can afford to buy flats in Hyderabad," said Mr Aditya Verma, vice president and business head of Makaan.com. "This is true since the cost is between Rs 2,500 to Rs 4,000 per square foot in most localities." In New Delhi, the cost ranges from Rs 4,500 to Rs 8,000 per square feet and in Mumbai, a person would have to spend Rs 65 lakh to purchase a two-bedroom flat since the square feet cost is between Rs 6,500 and Rs 10,500. Even in Bangalore and Chennai, the square feet rate ranges from Rs 4,000 to Rs 9,000. At the same time, a double bedroom flat can be purchased for Rs 30 lakh in Hyderabad.

Makaan.com recently conducted a property show in Hyderabad to cater to the increasing number of buyers. "Over 50 per cent of enquiries in our portal are related to real estate of the city," said Mr Verma. Most people whose children have got jobs in IT, BPO, infrastructure and pharma companies of Hyderabad are also opting to buy flats and houses. "I would like to lead my post retirement life in Hyderabad since I don't have to pay an astronomical sum to buy a flat," said Mr S.S. Agarwal, who works in a textile company of Mumbai. Mr Agarwal regularly attends property shows where you can get all the information about the new real estate ventures. Most people who come from outside the state also prefer to invest in AP Housing Board flats to have clear title deeds and to avoid problems in the future.

More than 400 out of 2,080 flats in the Singapore Township developed by APHB at Pocharam were sold to North Indians. "They will also get good returns even if they want to sell off the properties at a later date," said Mr T.S.V. Ratnam, general manager of Deccan Infrastructure and Land Holdings Limited, a subsidiary of APHB.