High demand for skyscrapers in Hyderabad
Hyderabad: Tall buildings playing hide and seek with the clouds touch the sky in Hyderabad. Many real estate buyers consider investing in the upper floors of these buildings called high-rise buildings. With increased demand for these skyscrapers, many developers are also planning to build them even as the city experiences exponential growth in the real estate segment.
High-rise buildings are usually buildings of 10 stories and above and Hyderabad is home to many such buildings which are mostly located in the western corridor with areas like Kokapet, Nanakramguda and Financial District among others.
“High Net Worth Individuals (HNIs) and NRIs are potential apartment buyers in high-rise buildings as they are used to living in open spaces. Additionally, many of the upper floors of these buildings are high priced and many are also considering having an entire floor to themselves,” says Kalisetti Naidu, Real Estate Space Analyst, Yards and Feet Property Consultants.
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According to a recent report by Anarock, Hyderabad has seen the highest increase in the share of skyscrapers in new launches among cities in the South with growth of almost 41% in 2021. The report suggests that of the 140 projects launched in the city in 2021, 57 were high-rise buildings. However, the report also shows that there has been a percentage drop in the share of skyscrapers in new launches. The share of high-rise buildings in new launches in 2020 and 2019 for Hyderabad was 51% each.
In cities like Bengaluru and Chennai in 2021, the share of skyscrapers in new launches stood at 36% and 10% respectively. The report informs that vertical growth, one of the most defining features of Indian urbanization for more than a decade, has become the latest “victim” of Indian real estate due to Covid-19. The latest research reveals that among new projects launched since 2019, the share of high-rise buildings had fallen to 52% in 2021 from 63% in the pre-Covid year.
However, the flip side is that in cities like Hyderabad where a large amount of land is available in the areas around ORR, plotted developments are also taking shape. Parcel development is a trend in which developers occupy large plots of land to build independent houses, villas as well as access to lush vegetation.
The Anarock report informs that in southern cities, high-rise culture is on the decline while demand for plotted developments has increased post Covid-19. Many developers have started to focus on plotted development projects. Commenting on the trend seen in this segment, Anarock Group Chairman, Anuj Puri, says, “We are seeing a clear shift in buyer preferences towards independent floors in key NCR markets like Faridabad and Gurugram. The trend in the major cities of southern Bengaluru, Hyderabad and Chennai is towards plotted developments.
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