IT professionals Chitra and Prabhakar had their dreams answered when they both landed jobs in Hyderabad instead of different cities as they feared. They have been married only for six months and wanted to invest in their own home.
However, this happiness seemed to be short-lived when they realised that they couldnâ€™t comfortably afford a home in Banjara Hills or Jubilee Hills, while Gachibowli and Kukatpally would extend their commuting time. The newly-married pair were adamant on living as close to their offices in HITEC City so that they could spend a considerable amount of quality time on weekdays too.
The solution came to Chitra and Prabhakar in the form of Madhapur. This unassuming place cradles HITEC City right in its heart and is home to various upcoming projects that can be categorised as affordable luxury properties as well as semi-premium. Chitra was delighted to have abundant options of residential complexes and properties with all amenities and facilities that make up a good location.
As more and more middle-income group people join the workforce, the gap in affordable luxuryÂ properties that Jubilee Hills and Banjara Hills have is being excellently filled by Madhapur. Not only this, there are a number of other reasons too that make Madhapur a rising property hotspot in Hyderabad.
Madhapurâ€™s Location Advantages
Madhapur is known for being one of the nearest residential pockets to the nerve-centre of the cityâ€™s IT industry. As such, this area has the highest number of offices and establishments in the IT and ITES sector. With its proximity to HITEC City, Madhapur is the hub of jobs. Consequently, this attracts the talent pool and closely followed by this comes the real estate and infrastructural development. As a result, Madhapur has become a hotspot for residential projects.
The jobs are here. The proximity to major BPO, IT and Telecom hubs like Cyber Gateway, Cyber Pearl and Cyber Towers has made this suburb the best residential option.
Real estate is booming. Reputed and big names in real estate development have projects coming up in Madhapur and these include many semi-premium projects that make luxury living affordable. Besides, infrastructural projects such as roads, SEZ, etc. are adding to the integration and modernization of the suburb.
It is well-connected. Apart from the strong public transport presence due to TSRTC, the state-owned public bus system, MMTS train service, and the Hyderabad metro rail service, cab services are easily available. Moreover, Madhapur is connected to the ORR (Outer Ring Road), NH-19, NH-65,Â and is only 45 minutes away from the international airport.
Amenities are within reach. Â Madhapur is home to many reputed schools like CGR, Global Edge, Manthan International, Meridien, etc, along with institutes like the University of Hyderabad, Maulana Azad Urdu University,Â National Institute of Fashion TechnologyÂ (NIFT) and the Venkateshwara Arts and Pharmacy college. The suburb also boasts of reputed hospitals, hotels, museums and art galleries in the vicinity.
AmpleÂ Affordable Luxury Properties
Given Madhapurâ€™s advantages, it is not surprising that it is a lucrative residential destination and real estate developers are investing handsomely in affordable luxury properties that are premium in nature. The average rental rates in Madhapur for the year 2019 are pegged at Rs 11,000 for 1BHK, Rs 29,000 for 2BHK and Rs 35,000 for 3 BHK. As rental yields are better in the city due to a young, migrating population the option of leased properties in the form of co-living and serviced apartments are also gaining momentum. These options are targeted at the developing corporate culture and these can be quite premium in nature.
In Madhapur, buying options in 1BHK start from Rs 15 lakh onwards, Rs 57 lakh onwards for 2BHK and they start from Rs 70 lakh onwards for a 3BHK property. The demand for residential units has increased by 9.7% in Madhapur in 2018, the highest increase among all Hyderabad localities. This is only going to soar in the coming years therefore, this is the best time to invest in an affordable luxury property in Madhapur with the rate of Rs 7,000 per sq. ft.
Areas such as Madhapur offer affordable property prices compared to the higher ended Jubilee Hills, Banjara Hills, etc. and the growing population of the city keeps up the demand for residential units. Thus, a lot of developers are offering residential projects that are in various stages of completion. As many as 65 projects are available on the ready-to-move-in scale. While the price range for 3BHK+ properties hovers around Rs 1.7-2.49 crore.
Madhapur, located in the west of Hyderabad, is surrounded by IT hubs and developed neighbourhoods, and boast of every possible modern amenity one can imagine â€” all of these factors making it a hot destination as it fills the gap in demand for affordable luxury properties.
Prices have seen an appreciation of almost 60% in the last 5 years and property price trends are pointing at further climbs. Just as Chitra and Prabhakar warmed up to the luxury options in Madhapur, many more homebuyers are starting to turn towards this location.