Demand for residential apartments rises

Madhapur: High demand for residential apartments in the twin IT hubs of Madhapur and Kondapur has had a cascading effect on rental rates in the region, with landlords cashing in on the renewed interest of house hunters.

Property dealers in the area told Hans India that the demand is exceptionally high, especially since the onset of summer. Here are scores of residential colonies tucked away in the by-lanes of Madhapur and Kondapur, with easy accessibility to IT companies in the Hitech City area being the prime driver of the revived demand. The situation, with the rents being hiked in tune with the demand, is such that many home seekers are unable to find apartments that fit their budgets.

“We are dealing with hundreds of anguished customers. They ask us to find good 2BHK apartments in the range of Rs 15,000 to Rs 12,000, but that is not possible anymore. Property owners have increased the rental rates sharply this year, with no 2BHK apartment going for less than Rs 20,000 per month. And this amount does not include maintenance, parking, or water supply charges,” said Vasanth from a local agency.

On the other hand are hundreds, if not thousands, of MNC employees willing to shell out that extra amount as a trade-off for moving closer to their workplace. “I live in Jeedimetal and it takes me no less than two hours to reach work. In this summer heat, it becomes exhausting. I am tired by the time I reach my office. 

Plus, I spend heavily on transportation. If I am able to save travelling costs and time, I do not mind paying extra for a neat and nice apartment close to my office. I have finalised two apartments, and both of them cost about Rs 24,000 per month, including maintenance and other costs,” said Keshav vivek, who works at Gachibowli and was house-hunting in Kondapur.

According to property dealer Sainath, most properties in these areas are owned by people living in other parts of the city. “The owners usually do not stay here and they leave all the care taking work to their watchmen, building supervisors or security guards. These people keep track of the demand in the area and ask the owners to increase the rental rates of their properties as and when the demand peaks. They also get a cut from every deal they make,” he said.

While many residential colonies, such as Anupama Society, Kirtina Hills and Raghavendra Nagar, do not even have bitumen roads or drinking water supply, rental seekers are not deterred. Apartments offering only one bedroom also cost no less than Rs 11,000 each, excluding maintenance charges. 

For availing car parking, one would have to be willing to pay no less than Rs 18,000 in rent, as 1BHK apartments are not given covered car parking space. Recent reports of land prices in the city declared property at Madhapur to be the costliest. It would be no surprise, then, if rental rates increase even more.