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With the Hyderabad real estate scene booming, thanks to its IT sector, migrants are now thronging the place in search of employment opportunities. And while the IT industry is triggering a flow of professionals into the city, investors and NRIs are now looking at buying properties close to the IT parks and SEZs (Special Economic Zones) to give those homes on rent. With areas like Gachibowli and Manikonda saturating, Madhapur, Kondapur and Kukatpally have become the most sough-after vicinities that are fetching high rentals.
Cashing on the trend, investors are now buying properties in and around HITECH City, only to rent them out in the near future. Builders in Hyderabad too are coming up with a number of projects in and around IT/ITES zones. With BPO professionals wanting to settle down close to their work spaces areas like Madhapur are witnessing a huge demand for properties in the past few months. Being a home to a number of IT companies, Madhapur has made it to the top 10 preferred localities to buy properties according to reports. An apartment in Madhapur can fetch rentals anywhere between Rs 15 to 20 per sq. ft. depending on the amenities that are offered.
With a high demand for flats in Hyderabad, another area that is garnering high rentals is Kukatpally. Its close proximity to HITEC City and developed commercial zone is helping Kukatpally become the most sought-after destinations for high rentals. Infrastructural developments like the Kukatpally-HITECH City flyover, Krishna Water Project Phase-III and the Hyderabad Metro Rail is pulling in a number of investors to buy properties here and let them on rent. A flat on rent in Kukatpally could cost Rs 9 to 14 per sq. ft.
An ideal residential destination for IT employees, Kondapur has become an important residential hub. With areas like Madhapur becoming densely populated, Kondapur has a number of projects by well-known developers. Over 20 new projects are all set to launch by 2014. Populated by a number of commercial property, this vicinity has many mid-range projects that appeal to salaried employees. The neighbourhood has a number of schools, hospitals, restaurants and malls making Kondapur the best place to earn a handsome rental income. Buying an apartments in Hyderabad could cost anywhere between Rs 3,000 to 4800 per sq. ft., however if you decide to rent that property you could earn anywhere between Rs 11 to 14 per sq. ft. per month.
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