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Some of the key drivers of Hyderabad’s economy are the Information Technology (IT) and Information Technology Enabled Services (ITES) sectors. So much so that Hyderabad is called ‘Cyberabad’. The place in the city that is teeming with IT and ITES companies is Hitech City. Due to his presence, Hitech City and the surrounding towns have experienced tremendous growth in terms of commercial and residential real estate.
Apart from towns like Miyapur and Gachibowli, Kondapur is also a town that has always received a lot of attention when it comes to real estate. Kondapur real estate is thriving now due to multiple factors. It is a suburb located in the Ranga Reddy district and is surrounded by other localities such as Gachibowli, Hitech City, Madhapur, Kukatpally and Hafeezpet. It was a sought-after locality from the mid-1990s to the early 2000s, after which it witnessed a slump from 2010 to 2013 due to oversupply and political turmoil surrounding Telangana. Since the political unrest was settled with the creation of the new state of Telangana, property prices here have stabilized and the town is once again witnessing demand.
One of the main reasons for the popularity of Kondapur is its ideal location. The Gachibowli Miyapur road that runs through this town connects it with two vital highways, the Mumbai Highway and the Outer Ring Road. The airport and the MMTS Hafeezpet are accessible via this road. The airport is located at a distance of 30 km via the outer ring road and the MMTS Hafeezpet at a distance of 3 km. The Hyderabad Metro will also have an impact on the connectivity of this area. The Metro is scheduled to be operational in 2015 and the nearest station to Kondapur will be located at Hitech City.
Since it is located next to the city of Hitech, it is mostly inhabited by IT professionals. Property prices including flats in kondapur range from INR 3,600 to INR 4,000. The area has a good social infrastructure in terms of retail stores, schools, banks, and hospitals. This has further strengthened the area’s position as a good residential option.
The area is also a highly preferred rental destination for those who do not want to buy a property here. Most of the demand for rental properties is again coming from IT professionals. This area is a good investment option for those looking to make a profit from rentals, as the demand here for rented accommodation has never abated and is likely to continue to exist. Rent for a 2BKH apartment can range from INR 13000 to INR 17000 per month. The rent here would range from INR 13000 to INR 23000.
If you want to live a stone’s throw from Hitech City and be well connected to the rest of Hyderabad, then Kondapur is the ideal choice. So if you see a house for sale in Kondapur, don’t hesitate as this locality will only go up in terms of prices in the coming years.