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Hyderabad is Happening |
The biggies in the real estate and construction industry who are now turning to Hyderabad after making it big in Bangalore, Mumbai and Delhi feel that the city is the most ‘happening’. And what has worked best in its favour is the cosmopolitan look the city is developing backed by the positive attitude of the government and the advent of MNCs and IT companies by the dozen. |
Residential picking up |
While DLF, Rahejas and other big players are venturing into commercial properties, areas like West Hyderabad, especially in the Hitech City – Shamshabad route and parts of East Hyderabad have grabbed the limelight. And to cater to the increasing number of employees, residential ventures too are gradually rising. Sushil Mantri, chairman and MD of Mantri Developers, who is investing 500 crores in Hyderabad with focus on residential apartments says,“There is a change in the mindset of the youngsters here who are more keen in nuclear families and prefer smart and quality apartments rather than huge bungalows. This was the same phase Bangalore witnessed four years ago, which led to boom in the city. Hyderabad too will witness a sea change in the real estate scenario.” |
Room for all |
Statistics say that in the year 2006, developers built five million sft for IT companies alone in the city,which corresponded to 50,000 new jobs created in the IT sector. “Out of the new jobs created, 50 per cent are employed from outside the city. Over and above this, there is an increasing demand among others living in the city itself. But the supply of apartments is not as much so there is enough room for all,” adds Sushil. |
Ready for quality |
Big players also feel that finally,Hyderabad is ready to pay for quality. With the city tasting the cosmopolitan flavour and enjoying high purchasing power, there is more demand for quality constructions and amenities. And with competition among the biggies increasing in the city, the quality standards of residential ventures is bound to rise. Experts predict that even though Hyderabad may not witness surge in property prices in the coming few years, the city will definitely witness a boom in quality |
(Dated:10/07/2007) |