 Online edition of India's National Newspaper Saturday, Mar 05, 2011 ePaper | Mobile/PDA Version |
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Andhra Pradesh
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Hyderabad
HYDERABAD: Property values and rentals of residential units in the twin cities are likely to remain stable for the next three to six months. Values range between Rs.3,400 and 7,200 per sq.ft in high segment areas where as it is between Rs.2,700 and 4,500 per sq.ft in the mid segment regions. High segment areas are Banjara Hills, Jubilee Hills, West & East Marredpally, Begumpet, Somajiguda, Madhapur, Gachibowli, Kukatpally and Kompalli. Mid-segment constitutes Himayatnagar, besides the above mentioned regions too. There also has been a revival in the residential property market for the fourth consecutive quarter, a Cushman & Wakefield publication revealed. Stability in values has been attributed to the prevailing political uncertainty, uneven demand and rise in home loan interest rates. Announcements In the last quarter of 2010, there were announcements of nearly 3,000 residential properties spread across 11 projects primarily in the western part of the capital like Madhapur, Nanakaramguda, Hafeezpet, Kukatpally, Bachupally and Chandanagar. Half of these projects cater to the mid-segment at about 56 per cent, 35 per cent cater to the high segment and six per cent in the affordable category. The study says that developers launched the products priced between Rs.25 lakh and Rs. 50 lakh targeting the mid-income buyers. Fresh recruitment by the IT/ITES corporates as well as those who had delayed their buying decisions in the last two years expecting a correction in real estate prices could have led to the incremental demand for the mid ranged properties, it said. Some of the developers with location advantage witnessed moderate sales for the mid-range products and some others tried to revive the sluggish sales through promotional schemes like cash discounts on spot payment, partial payment till possession, free furnishing for early bookings, etc. It also said that the rental values had stabilised over the last quarter. Capital values of properties, however, suffered a dip especially in Kompalli of the high segment where there was four per cent dip leading to revision of rates. Madhapur and Gachibowli saw marginal appreciation because of high asking rates of the newly launched products.
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