Residents are increasingly looking at quiet, open and pollution-free areas in which to buy property. As people’s desire to be part of a community grows, gated communities are becoming popular with buyers
The residential properties evolve and grow along with the employment generated in the proximity of an area. The growth of IT sector has pushed the growth of residential areas especially in areas like Madhapur, Gachibowli, Hitec City, Kondapur, Kukatpally and Tolichowki. There is a growth and demand along the corridor of Hitec City towards airport with flats ranging above `35 lakh, said PV Ravindra Kumar, CEO, Vasathi Housing.
Residents are increasingly looking at peaceful, open and pollution-free areas for buying property. Especially, the gated communities brought value addition to the buyers in these areas.
People are increasingly looking to be part of the society of the community. Play area for children, club facilities and gym have become an added attraction.As there was ample land available, the builders developed huge gated communities in and around areas of Hitec City. In certain gated communities, only 25 per cent of the land has been used for construction and the rest has been left out for greenery.
Customers prefer these locations as they are pollution-free, spacious and near to the IT hub. The fact that most occupants are on the same social strata adds to the comfort levels of the residents.Not only the IT crowd, but the NRIs too prefer such gated communities as they have similar facilities to their residences abroad, said N Jaiveer Reddy, president, CREDAI.
The first deciding factor for a buyer is the distance from his residence to office and then comes proximity to social infrastructure like schools, hospitals, transportation hubs and malls. The price and amenities offered by the developer are also important factors choosing one over another, said V Tirupathi Reddy, senior manager (sales), Ramkay Estates and Farms.
Infrastructure also plays a major role in choosing a property. Inorbit mall, the largest mall in South India, has become a recreational, shopping and entertainment hub for the people in and around the area of Hitec City. After a busy day or especially during weekends, people go there to unwind. Even in places like Kukatpally, which is around 6 km from Hitec City, hypermarkets such as Metro and More have come up and there is also development of new malls, said Jaiveer Reddy.
Even though, there is demand in Jubilee Hills, Banjara Hills, Madhura Nagar, Srinagar Colony, Himayath Nagar, there is hardly space left to develop a gated community. These markets have become matured and no new major development taking place. However, buyers are little cynical about places like Himayath Nagar due to traffic and congestion, even though located in the centre of the city, he said.
Miyapur, Nanakramguda and Narisngi are emerging markets. Miyapur is sought after by buyers because of the new bus depot and metro plans by the government, which will change the real-estate scenario in the neighbourhood and its connectivity.Nanakramguda and Narsingi are also emerging because of the proximity to IT hub and the airport, added Ravindra Kumar.