5 Interesting Facts About Hyderabad's HITEC City
HITEC City or Hyderabad Information Technology and Engineering Consultancy City, is one of the major IT complexes of Hyderabad. The state government has been investing a significant share in the development of digital infrastructure here, which along with adjoining corporate area is known as Cyberabad. Being an upcoming IT district, the area is also one of the most preferred residential localities by the working professionals, hailing from Hyderabad as well as people migrating from other parts of the country.
Plenty of options available
HITEC City, one of the most sought-after localities in Hyderabad, has over 78 projects for sale, of which 63 are ready-to-move-in properties. The apartments here are available in 2BHK, 3BHK and 4BHK configurations. A 2BHK unit can cost you between Rs 60lakh and Rs 70 lakh while for a 3BHK unit you will need to have a budget of Rs 95 lakh or more. However, a 4BHK unit can cost up to Rs 2 crore. The prices depend on the brand of the developer, the quality of construction and the exact location of the property.
Rate of appreciation
HITEC City is one of the top real estate destinations in the city which means capital appreciation is a given. However, over the last few years, the property market here has remained stable registering a slight increase in values. Data with PropTiger.com show that in April 2013, the average capital value of a property (apartments only) in HITEC City was Rs 4,200 per square foot (sqft). By August 2017, the values have risen marginally and stand at Rs 4,825 per sq ft. Given that the property market in Hyderabad has gone through challenging times given the political turmoil and the division of the state, this nominal price change looks sizeable given the circumstances.
Here are five latest developments in the city:
- The state government is planning on a Mono Rail along with the existing the Multi-Modal Transport System (MMTS) and the Metro Rail. The government has commissioned a feasibility survey for Mono Rail services between city outskirts and HITEC City, Gachibowli, Financial District and other areas.
- L&T Metro Rail Hyderabad is gearing up to launch its two malls at Punjagutta and HITEC City subsequent to the launch of the Hyderabad Metro Rail (HMR) commercial operations on November 28.
- Uber's engineering facility spread over 18,000 sqft has started its operations in Kondapur, HITEC City.
- The NCR Corporation has also started its R&D wing in HITEC City. It is spread over 140,000 sqft and is the largest facility outside its headquarters in the USA.
- On the commercial side, industry insiders say that Hyderabad would need 5 million sq ft of space year on year which also reflects the growth in the number of jobs and thereby housing demand as well. As per a research, the first half of 2017 saw a transaction of 2.33 million sqft of commercial space in the city.