The land prices in the city and its immediate vicinities have brought apartment flats into an unprecedented demand. Check any place, be it the in interiors of Marredpally or on the outlying areas of Kondapur, one can find work on huge apartment blocks progressing at a frenetic pace, but sadly they are all taken.
And as developers admit, some of the flats are blocked even before the colourful brochures are printed. Most are bought before the finishing touches are given.
The upper limit is hard to fix these days, as some flats changing hands at Rs.60 lakh and above too. There has is never been a better time to sell a pre-owned flat.
The price for a two-bedroom flat, averaging 1,000 square feet and built as per specifications in developed areas in the city, ranges anywhere above Rs.18 lakhs. Those in prime localities and with better finishing and furnishing come with a price tag of Rs.25 lakh and above. The upper limit is hard to fix these days, as some flats changing hands at Rs.60 lakh and above too. There has is never been a better time to sell a pre-owned flat.In the suburbs too, the price graph is on the upward route. A flat which would have cost Rs. 4 lakhs or so a couple of years ago now comes at Rs.8 lakh plus. Builders and real estate agents say a high majority of those enquiring about investment opportunities in flats at areas like Banjara Hills, Jubilee Hills, Kondapur, Madhapur, Gachibowli, Sainikpuri and AS Rao Nagar happen to be either NRIs, software professionals or call centre employees.
Builders are also attracting prospective buyers with facilities like swimming pool, granite flooring, chic interior decoration and play areas for the children.
Also, buying a piece of land entails a cumbersome exercise that includes legal check, permissions and then moving onto construction, long hours with engineers and architects, chasing workers, plumbers and electricians. This is against the option of making payment and then moving into a readymade flat.
Source: The Hindu. Abridged from the original. And with some inputs from realestate agents.
