As you all know, the real estate has been down in dumps for the last year or so. Most of the projects went on hold, not many transactions and everybody looking for the rates to go down even further. So I wanted to check out if anything has changed after the recent elections. While there is a renewed optimism among the people I talked to, the overall activity is still very subdued. People got a taste of price reductions and now they are waiting for the prices to keep falling. While its alright to expect the prices to reach reasonable levels, it would be foolish to want them to go to unsustainable levels, as some of the buyers seem to be doing. No builder or seller wants to take losses on their transactions unless its absolutely unavoidable. So these buyers will be left waiting forever just like they were when the prices were going up crazily. IMHO, the prices are at very reasonable levels now, and there are some terrific values out there for serious buyers (not speculators).
Having said that, here is the current status of some of the big, and some not so big projects in the city.
Lanco Hills - Construction is going on at full speed. I don't know if it tracks to their original schedule but I did see a lot of activity on site. Some of the towers are up, and its a beautiful sight. This project is going to be the crown jewel of Hyderabad real estate. I heard the price is reduced to Rs.4500/sft, but its probably still high for the current market. But again, if the things go according to the plan there will be a certain value attached to a Lanco Hills address.
Aparna Sarovar - Another project where construction is happening in full swing. Builder seems determined to complete the project despite the market conditions, and I have a feeling they will achieve it. Location is a disadvantage, but it looks like its going to be another beautiful project.
L&T Serene County - I liked this project the best. Sits right next to the Gachibowli junction with ORR cutting right through it. Most of the blocks are sold out and occupied, but some newer blocks are coming up. A very good place to live for young families and from what I hear the flats here command a decent rental value.
Bloomfield Ecstasy - My post about Hyderabad RE wouldn't be complete without mentioning this project, as I bought my house here. Slow progress, but progress nonetheless. Deliveries are expected at the end of next year, and at this point access from Gopanapalli T-junction (the 1.5 km stretch) is still an issue. Commencement of Tishman Speyer project next door is the key, as if and when that takes off the area will come back to life.
Aditya Edenwoods (Tellapur) - I saw the project for the first time and didn't like it. The reason is simple - its located in the middle of a big HUDA layout and is surrounded by hundreds of small plots. Most of these plots are individually owned and possibly by NRIs and out of towners. So they have no urgency nor any incentive to build anything there. I think the place will remain like that for a long time to come.
Aliens Space Station 1 - Another project that I visited for the first time. What were the owners thinking, and what were the buyers thinking??? While the distance may not be a big issue, the immediate surroundings of the project are really shocking. This really goes to tell you how one can fool people with flashy brochures and designs. I have a feeling that most of the buyers didn't actually visit the place before buying. On top of all this, there is not much of activity on site. In my opinion, its very unlikely that this project will complete, at least not on the same scale as it was originally planned.
Vision Avenues (Infiniti Homes) - Lot of construction activity. Most of the houses are up, the plot sizes and distance between each house is very impressive. Going to be a very nice community when it is completed.
Indu Aranya - Lot of construction activity, but the location and quality of constructions are the big negative points
Indu Fortune Fields - Good project, but those living towards the railway tracks will have to put up with the constant noise of moving trains. I took a train to Tirupati, and when the train crossed IFF I realized how close the tracks were to some of the blocks. So check that out before you buy.
A lot of other commercial construction activity is going in the Financial district. ICICI building is coming up very nicely. Though recession slowed things down, there is still a lot of activity that's going on. Hopefully the economy will start recovering so some of the projects that went on hold can restart.
Having said that, here is the current status of some of the big, and some not so big projects in the city.
Lanco Hills - Construction is going on at full speed. I don't know if it tracks to their original schedule but I did see a lot of activity on site. Some of the towers are up, and its a beautiful sight. This project is going to be the crown jewel of Hyderabad real estate. I heard the price is reduced to Rs.4500/sft, but its probably still high for the current market. But again, if the things go according to the plan there will be a certain value attached to a Lanco Hills address.
Aparna Sarovar - Another project where construction is happening in full swing. Builder seems determined to complete the project despite the market conditions, and I have a feeling they will achieve it. Location is a disadvantage, but it looks like its going to be another beautiful project.
L&T Serene County - I liked this project the best. Sits right next to the Gachibowli junction with ORR cutting right through it. Most of the blocks are sold out and occupied, but some newer blocks are coming up. A very good place to live for young families and from what I hear the flats here command a decent rental value.
Bloomfield Ecstasy - My post about Hyderabad RE wouldn't be complete without mentioning this project, as I bought my house here. Slow progress, but progress nonetheless. Deliveries are expected at the end of next year, and at this point access from Gopanapalli T-junction (the 1.5 km stretch) is still an issue. Commencement of Tishman Speyer project next door is the key, as if and when that takes off the area will come back to life.
Aditya Edenwoods (Tellapur) - I saw the project for the first time and didn't like it. The reason is simple - its located in the middle of a big HUDA layout and is surrounded by hundreds of small plots. Most of these plots are individually owned and possibly by NRIs and out of towners. So they have no urgency nor any incentive to build anything there. I think the place will remain like that for a long time to come.
Aliens Space Station 1 - Another project that I visited for the first time. What were the owners thinking, and what were the buyers thinking??? While the distance may not be a big issue, the immediate surroundings of the project are really shocking. This really goes to tell you how one can fool people with flashy brochures and designs. I have a feeling that most of the buyers didn't actually visit the place before buying. On top of all this, there is not much of activity on site. In my opinion, its very unlikely that this project will complete, at least not on the same scale as it was originally planned.
Vision Avenues (Infiniti Homes) - Lot of construction activity. Most of the houses are up, the plot sizes and distance between each house is very impressive. Going to be a very nice community when it is completed.
Indu Aranya - Lot of construction activity, but the location and quality of constructions are the big negative points
Indu Fortune Fields - Good project, but those living towards the railway tracks will have to put up with the constant noise of moving trains. I took a train to Tirupati, and when the train crossed IFF I realized how close the tracks were to some of the blocks. So check that out before you buy.
A lot of other commercial construction activity is going in the Financial district. ICICI building is coming up very nicely. Though recession slowed things down, there is still a lot of activity that's going on. Hopefully the economy will start recovering so some of the projects that went on hold can restart.
1 comment:
it is really useful. what was more interesting was the photos pasted.
However,what about Ramky Towers at Gachibowli.
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