The residential demand in the Hafeezpet area has expanded in recent years because of the closeness to the IT corridor, six kilometres from Hitech City.
Expectedly, a large group of migrants and locals in the western region of Hyderabad are near this mid-segment residential pocket. Adding to this, a flyover providing smoother commutes between Miyapur to Gachibowli and the MMTS connectivity. While this has led to a steady increase in people, the prices of land in Hafeezpet have also moved upward.
Though there are few planned and executed players in this market, the mid-range segment is very prominent here and there is not too much land available. The prices of the residential properties vary from Rs 4,500 per sq.ft to Rs 6,000 per sq.ft, depending on the location.
With identifying this enhancement, industry experts believe that Hafeezpet began attracting buyers owing to the tech industry. Before IT development, there wasn’t much hassle for people to own a land here. It was only in the last decade that people showed interest.
Hafeezpet’s rise was not expected, it is because IT investments have gained greater popularity towards Gachibowli and areas nearer to it. Overall, Hafeezpet has a strong potential growth in residential improvement and more projects from renowned builders are expected to be launched.
By: Shailaja K