Surrounded by established localities like Miyapur, HITECH City and Gachibowli, Kondapur has significantly evolved as a commercial and financial hub of Hyderabad. The influx of many IT (Information and Technology) companies has pushed the vicinity into becoming one of the most sought after residential destination for working professionals. With the realty market essentially driven by workforce, Kondapur is luring many real estate developers who are now keen on creating many extraordinary residential projects. According to a recent report, the vicinity has over 15 new projects that are currently under construction. With a number of apartments in Kondapur now mushrooming, the demand for homes is growing day by day.
Strategically located close to many IT hubs, the neighbourhood is a preferred destination for many IT professionals. The white collared professionals working in nearby IT/ITEs and software companies are looking to reside in a vicinity that offers the perfect blend of modern homes with all the basic civic amenities. And with apartments in Kondapur offering the same, the area is witnessing a major influx when it comes to housing. Both local and national builders are now pushi ng themselves to create more affordable homes to cater to the needs of these young home buyers. Real estate developers are now cashing on this demand and are offering 2 and 3 BHK homes at Rs 50 lakhs including all your pre-purchase costs like registration fee, tax and stamp duty.
According to current data, 70% of the demand is driven by end users, while the remaining 30% is propelled by investors and second time home buyers. And with the growing commercial belt attracting many families and retired personnel, the urban crowd is driven by the presence of many schools, colleges, banks, eatery joints and shopping malls. The cosmopolitan environment in drawing many, pushing the property prices through the roof. For instance, a property for sale in Kondapur has witnessed a hike of 6.28 % in the past one year. Emerging as a realty market that is favourable towards investors, the locality has become a rental hub.
As per recent data, in the year 2013, properties here recorded a high rental return of 4%. However, with the property rates dropping due to the unstable government, the locality has attracted many IT professionals who want to rent out properties. Investors are now cashing on the growing demand and are investing in a number of homes so they could earn formidable rental income. For example, a 1,000 square feet properties in hyderabad is estimated to fall under the price band of Rs 3,500 and Rs 3,700 per square feet, but the same house is capable of churning out a rental yield of Rs 13 per square feet per month, making the market conducive for investors.
Seamless connectivity is another factor that is driving the realty market. The locality's close proximity to the MMTS (Multi-Modal Transport System) train station at Hafeezpet and closeness to the ORR (Outer Ring Road) has eased access to other parts of Hyderbad drastically. The state owned buses and private auto rickshaws improve intra-connectivity.
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