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Unrealistic prices haunt Medchal realty market
Unrealistic prices haunt Medchal realty market
Local developers anticipate a real estate bubble in the making
Hyderabad: With the entry of branded developers, the property prices in Medchal real estate market have turned unrealistic in recent times. Open plots, which were being sold for Rs 20,000-25,000 per sq yard till recently, are now priced at 35,000-40,000 per sq yard.
According to the locals, the prices of the residential housing plots in a well developed gated community layout and approved by the Hyderabad Metropolitan Development Authority (HMDA) have already doubled over two years when compared to Rs 8,000-10,000 per sq yard during the pre-Covid period.
Till 2019, there was demand only for the housing plots available in highway-facing projects in the Medchal area. From last year, the demand steadily spread across the surrounding sub-localities including Athvelly, Kistapur, Pudur and Ravalkole. Thanks to the infrastructural developments in this region.
Medchal region has good connectivity and social infrastructure. The proximity to Nehru Outer Ring Road (ORR), NH 44 and MMTS Railway Station has led to great connectivity with other urban localities in the city. It is also an educational hub with several schools and colleges.
Early this year, the State government has proposed an IT Park in North Hyderabad under the Growth in Dispersion (GRID) policy to accommodate more IT firms in other parts of the city excluding West Hyderabad. The Gateway IT Park will come up in Kandlakoya.
The land rates in suburb areas of Medchal have been gradually witnessing appreciation over the last couple of years. However, there was a steep hike these days. The branded builders and developers have launched new projects here and started marketing the area as the next Hitec City of Hyderabad.
Anticipating huge profits, these players have put unrealistic prices and showing fake sales to promote their brands. Local realtors are forced to increase the rates accordingly to stay relevant in the market. Ultimately, the property buyers are burdened by this speculation and over pricing.
