Hyderabad IT Corridor Areas Rise In Property Prices
Owing to its proximity to the IT corridor – six km from Hi Tec City — Hafeezpet has seen significant rise in demand, especially over the last seven-eight years. Predictably, this mid-segment residential pocket, located off the Old Mumbai Highway, is home to a large group of migrant and local populace working in Hyderabad’s western region. It’s other USPs: a flyover that makes the Miyapur-Gachibowli commute smoother and it’s MMTS connectivity.
While this has led to a steady influx of residents, it’s also pushed land prices in Hafeezpet upwards. Current rates: anywhere between Rs 60, 000 and Rs 90,000 per square yard.
“Though there aren’t many organised players in this market and there isn’t too much land available, the mid-range segment is fairly popular here. Depending on location, property prices range from Rs 4,500 per sft to Rs 6,000 per sft,” said Veera Babu, managing director, Cushman & Wakefield, Hyderabad. Mapping this growth, industry observers say that it is all thanks to the tech industry that Hafeezpet started drawing buyers.