Increased land prices push budget homes to fringes of Hyderabad
Real Estate

Increased land prices push budget homes to fringes of Hyderabad

The rapid Increase in land prices have pushed budget homes to the outskirts of Hyderabad.

Previously available in the Gachibowli-Kokapet-Narsingi belt, buyers now have to travel at least 20 km outside Hyderabad to find a house in the Rs 60 lakh to Rs 80 lakh budget range.

Kollur, Kismatpur, and Shamshabad are among their new locations. Budget destinations along the eastern corridor have shifted to areas along the Nagarjuna Sagar Road, about 30 km from Secunderabad railway station.

Sumanth Reddy, Managing Director of India Institute of Real Estate, told the media that this is due to rising land prices, which have doubled in some areas in recent years. Because developers are paying such high rates, they are taking advantage of the unlimited FSI (floor space index) to construct high-rise buildings with at least 30 floors. As a result, construction costs have increased. The customer bears the brunt of this additional cost.

According to Reddy, the majority of homes in the central IT corridor now cost at least Rs 1 crore.

This claim is supported by a quick search of property portals. In Tellapur and Nallagandla, there are few options for homes under Rs 90 lakh. The majority of the rest are in Kollur and its environs, or in places like Karmanghat and Adibatla, which are more than 50 km away from the IT belt.

Ashwin Rao of Manbhum Constructions told the media that following the pandemic, construction costs have increased by at least 30%, owing to increases in steel, cement, labour, and other costs. This, combined with rising land prices, has pushed the price of an Rs 80 lakh house up to Rs 1 crore.

But, despite the distance, these low cost homes are in high demand. That's thanks to Hyderabad's excellent road infrastructure, which made travelling 25 to 30 km a breeze.

Image Source


Also read: Maharashtra govt to offer affordable homes to sanitation workers

Also read: MRG to fund Rs 350 cr for affordable housing project

The rapid Increase in land prices have pushed budget homes to the outskirts of Hyderabad. Previously available in the Gachibowli-Kokapet-Narsingi belt, buyers now have to travel at least 20 km outside Hyderabad to find a house in the Rs 60 lakh to Rs 80 lakh budget range. Kollur, Kismatpur, and Shamshabad are among their new locations. Budget destinations along the eastern corridor have shifted to areas along the Nagarjuna Sagar Road, about 30 km from Secunderabad railway station. Sumanth Reddy, Managing Director of India Institute of Real Estate, told the media that this is due to rising land prices, which have doubled in some areas in recent years. Because developers are paying such high rates, they are taking advantage of the unlimited FSI (floor space index) to construct high-rise buildings with at least 30 floors. As a result, construction costs have increased. The customer bears the brunt of this additional cost. According to Reddy, the majority of homes in the central IT corridor now cost at least Rs 1 crore. This claim is supported by a quick search of property portals. In Tellapur and Nallagandla, there are few options for homes under Rs 90 lakh. The majority of the rest are in Kollur and its environs, or in places like Karmanghat and Adibatla, which are more than 50 km away from the IT belt. Ashwin Rao of Manbhum Constructions told the media that following the pandemic, construction costs have increased by at least 30%, owing to increases in steel, cement, labour, and other costs. This, combined with rising land prices, has pushed the price of an Rs 80 lakh house up to Rs 1 crore. But, despite the distance, these low cost homes are in high demand. That's thanks to Hyderabad's excellent road infrastructure, which made travelling 25 to 30 km a breeze. Image Source Also read: Maharashtra govt to offer affordable homes to sanitation workers Also read: MRG to fund Rs 350 cr for affordable housing project

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