Shankarpally – Prime Real Estate Hotspot in Making
Prashin Jhobalia, VP Marketing Strategy, House of Hiranandani
What are the salient features of Shankarpally suburbs of Hyderabad?
Shankarpally in the western suburbs of Hyderabad has emerged as a coveted investment destination in the city on the back of proposed infrastructure projects, ample land supply, a spurt of residential developments and proximity to the IT hub of Kokapet.
If the burgeoning residential, commercial, IT/ITeS, pharma and aerospace development is taken into account, Hyderabad is one of the rapidly growing real estate destinations in India. Among the peripheral boundaries that are now getting maximum attention for development in Hyderabad, Shankarpally tops the list.
In the far-off corners of the city, Shankarpally is a peaceful locale that is demarcated by the abundance of greenery, ample land supply, fast-mushrooming residential developments, and buzzing investment activity. Lately, Shankarpally has emerged as a new favourite of the real estate investors owing to a plethora of factors listed below.
What are the reasons for developer’s investing in Shankarpally?
Many famous real estate developers in the city have made their way to Shankarpally, which has opened a floodgate of opportunities for potential investors. “From residential plots to residential units to independent properties, the location offers a multitude of options. However, residential plots remain a preferred choice owing to comparative affordability, limited maintenance and higher capital returns. The starting price of residential plots in Shankarpally ranges from Rs 2,000 per sq ft and goes up to Rs 4,500 per sq ft.
The area is not only on the radar of commercial giants and Non-Resident Indians (NRIs), but domestic investors are also eyeing Shankarpally for investment. Many IT professionals working in HITEC City, Kokapet, Manikonda and Madhapur have showcased interest in Shankarpally in the recent past. The locales grew as the new favourites of the investor community. For buyers looking for residential units in various configurations, the locale offers ample of choices across budget segments and unit sizes.
What are some of the proposed infrastructure projects of the region?
The infrastructure projects proposed by the State government have significantly corroborated the real estate expansion in Shankarpally. One of the most important projects that have brought Shankarpally to limelight is the proposed IT City at the Golden Triangle of Hyderabad that includes Shankarpally-Muthangi-Kokapet.
Moreover, a 100 feet road and a four-lane highway have also been planned between Cyberabad and Shankarpally. Currently, the distance between Cyberabad and Shankarpally is around 35 km. However, the proposed connectivity links are expected to abridge the distance and turn Shankarpally into one of the most important investment destinations in Hyderabad.
Shankarpally is home to some of the prestigious colleges including St. George College of Education and IIT Hyderabad. It also provides easy access to recreational centres such as Lahari Resorts, Gayatri Shopping Mall and Sal shopping centre.
The area also boasts of a strong connectivity. For instance, it is well-connected to other parts of the city through Outer Ring Road (ORR). The Telangana State Road Transport Corporation (TSRTC) buses also ply frequently, ensuring hassle-free travel to central areas of Hyderabad.
What is the investment potential of the region?
The Telangana government has proposed the development of a new IT city at the ‘Golden Triangle‘of Hyderabad. The development would incorporate a workspace of 90 million sq ft to accommodate five lakh working professionals. The anticipated development would not only propel real estate growth but would also spike property prices in the area. As estimated, land prices in Shankarpally might grow by 30-35 percent and residential units might witness a 15-20 percent hike in the average capital ‘asks’.