Why Nallagandla is Hyderabad real estate‘s rising star
Nallagandla, a locality in Hyderabad which is strategically situated between an Information Technology (IT) hub and BHEL. It has become popular as a residential area because it is just a kilometre from the Lingampally MMTS (Multi Modal Transport System) Station. In addition to that, it is also located between the Outer Ring Road (ORR) and the Old Mumbai Road which makes it accessible to important parts of the city, such as Banjara Hills, Gachibowli, BHEL and Hi Tech City. This locality is just about 8 km from the Wipro Junction and 3km from the University of Hyderabad. Connectivity has improved with the flyover across the railway station.
Further infrastructure improvements are also in the pipe line. The Telegana State Minister for Municipal Administration and Urban Development KT Rama Rao made an announcement that there are plans for 13 growth corridors along the 158 km long ORR. This development will further boost prices in all the adjacent areas including Nallagandla.
According to sources, many of the developers started their projects here because large parcels of land were easily available. The land cost here was also lower at that stage than the nearby localities. Many of the big players are present in this area and so are the smaller ones, so the home buyers have an option of both the high end homes as well as the mid segment apartments. Presently the apartment here are priced at INR 4400 psqft on average.
The plots offered by the Hyderabad Metropolitan Development Authority (HMDA) in Nallagandla have turned out to be a major investment for those who bought it in the early days. These plots have come up between well-laid out projects and in the last year have been sold at high prices.
In addition to this, the locality also benefits from the social and civic infrastructure in Lingampally and BHEL Township. As more companies set up base in the nearby IT hubs, the demand for residential space in Nallagandla for both rent and outright purchase is likely to improve.
Nallagandla was hardly known until the IT boom came to Hyderabad and the large commercial spaces came up in what is today known as the IT hubs of the city. In tandem, residential spaces also were constructed in places such as Gachibowli and Madhapur.
The need for housing became quite acute especially since most of the work force for the IT industry was from outside Hyderabad. Nallagandla caught the eye of the employees of the IT industry because of its proximity to major IT hubs such as Gachibowli, Nanakramguda and Vattinagulapaly.
Investment into residential space in Nallagandla is likely to yield good results, a local real estate expert said. With the advent of global tech giants such as Apple and Google, the demand for commercial real estate is likely to grow. The companies which have expressed interest are mainly from the IT sector, followed by banking and financial services, pharma and outsourcing.
According to research, nearly 16 million square ft of commercial space is likely to come into the market in the next three years. Most of these offices are likely to come up in suburban and peripheral locations. All this activity in the commercial sector is expected to positively impact the demand for homes as more and more young professionals will shift to Hyderabad.
Nina Varghese for IndiaProperty.com
Image: “Macca view from Charminar” by Arvind.vindhu – Own work. Licensed under CC BY-SA 3.0 via Commons – https://commons.wikimedia.org/wiki/File:Macca_view_from_Charminar.jpg#/media/File:Macca_view_from_Charminar.jpg