Realty Hotspot: Ameenpur has residential units for every homebuyer

Hyderabad: Ameenpur is an interesting residential area, where every homebuyer has some property to find at an unexpected low price when compared to other neighbouring areas like Bachupally, Miyapur and Nizampet. Only branded villa projects are not seen here as the reputed builders and developers are not considering it as a feasible option due to rising land cost.

The land rates in Ameenpur have already crossed Rs20 crore per acre and are now hovering around Rs25 crore per acre. As per realtors, developing a villa project in this area is unviable. But, vacant lands are still available at around Rs30,000-40,000 per sq yard to build individual houses. Those, who delayed to buy a home here in pre-Covid times, have big regrets now.

Ameenpur has standalone apartments in significant number. Most of the people, who were fed up with higher property prices in the surrounding areas, have bought houses here. Those, who are already living in congested buildings and standalone apartments of neighbouring localities, are looking to upgrade with bigger homes in this area. The satellite town in Patancheru mandal of Sangareddy district has become a municipality in August 2018. Since then, there has been no problem for drinking water supply, which was a major issue here earlier. Moreover, several polluting pharmaceutical companies have shifted from the residential area in the past two years.

The locality is experiencing less pollution these days and the scenic Ameenpur Lake provides fresh breeze throughout the day. Most of the branded residential projects are coming up in the surrounding areas of the lake. Located close to the Miyapur Metro station, the area has some of the best international schools, corporate hospitals and shopping centres in the vicinity.

Due to its proximity to areas such as Hitec City and Gachibowli, the real estate boom has witnessed in Ameenpur as early as 2000. However, the locality suffered some setbacks due to lack of proper civic amenities. After the municipality is established, the residential properties started mushrooming in the area and the prices shoot upwards during the pandemic period. Narasimha Goud, owner, Jagadamba Real Estates, said that the real estate prices have almost doubled in last couple of years. "A double-bedroom flat in a standalone apartment was available at Rs23 lakh in 2019, whereas the same unit is being sold at Rs45 lakh now. The demand for residential units here picked up during the work-from-home scenario," he said.

Many people from IT sector have realised that the Western part of Hyderabad has become saturated with expensive residential projects and the prices have skyrocketed beyond the reach of the buyers who are working in the western part in the IT and financial sectors. They started looking at places which are at a distance of 25-30 minute-drive away from their workplace.

Nizampet, Miyapur, Bachupally and Ameenpur have become the preferred choice for such buyers. Anticipating this trend, reputed realtors have purchased huge land banks in these areas. Chennai-based real estate developer Alliance Group and Urbanrise has acquired to the extent of 28.5 acres at Ameenpur to cater to the people who are working in IT and financial corridors.

Manoj Namburu, Chairman and Managing director of Urbanrise-Alliance Group, said: "We have a total inventory of about 3,000 homes coming up in Ameenpur. About 2,600 homes are under construction at a project in Bachupally and another 900 homes at a project in Bachupally Extension. We have an overall inventory of 6,500 homes in this micro-market itself."

The company has recently launched three projects in the Hyderabad market namely – 'Spring is in the air' at Ameenpur, 'The Happening Heights' at Bachupally Extension, and 'On Cloud 33' at Bachupally. It has already sold out 95 per cent of the available inventory in 'Spring is in the air' and only tail end inventory is available at the moment.Urbanrise-Alliance Group is soon launching another project next to 'Spring is in the air'. The construction of the new project has already begun. As the homebuyers aspire to be living in gated communities with club houses and other amenities, it is offering "amenity rich gated communities" for those who want to upgrade their lifestyle from the standalone buildings.

"A majority of homebuyers in our projects are software professionals, earning a monthly salary of around Rs 2 lakh. Also, there are investors, businessmen and other professionals in the age group of 30-55 years among the homebuyers, who wants to live in a serene and peaceful residential area along with the social infrastructure," Manoj informed.

"Our project's club house is close to the 600-acre Ameenpur Lake. We are offering a 3.5-acre Park by the Lake with amenities like ladies kitty party corner and senior ladies kitty party corner, startup corner for young turks, hammock park, sensory walkway, infinity walkway, exclusive pets park, skating rink and young kids hangout corner," he added.

Apart from these, the company is providing a unique amenity called Urbanrise Genius which is a children's learning hub with infrastructure for all the curricular and extra-curricular activities that help a new-born child to 17-year-old ones. It will have a crèche & day care, tuitions, music, dance, cookery, arts & crafts, public speaking and personality development classes. The construction of branded apartments in Ameenpur started during Covid period due to the growing demand for residential space in this area. Before that, there were only standalone apartments here with gram panchayat approvals.

While gram panchayat approved project is priced at Rs 3,500 – 4,000 per sft, the HMDA approved project costs about Rs 4,200 5,000 per sft. The flats in such standalone buildings are attracting rents up to Rs 15,000 per month. However, it is considered the lowest in the area. K Ashok, a local builder, says: "The rental incomes increased drastically in Ameenpur during the past two years. Earlier, it was much affordable over the neighbouring areas. The branded apartment units are not available for rent as they are still under construction. Once they are open, the rental demand for standalone apartment units will come down."

He further said that the prices of individual plots of 100-200 sq yards range around Rs 1-2.5 crore. The construction of unauthorised buildings is also rampant here. The local builders are developing less than 400-sq yard group housing projects with gram panchayat permissions for three/ four floors and construct extra floors at their own risk. There are many buyers who are willing to buy such properties at a lesser price, he informed.