Hyderabad: At a time when housing prices in the west are hitting the roof, several builders are coming up with budget-friendly realty projects in north Hyderabad.
According to representatives from Confederation of Real Estate Developers' Associations of India (CREDAI), who held their firstever property show 'Hyderabad Property Show- in the North of Hyderabad in Kompally' on Saturday, this region is now becoming an alternative for budget apartments and gated communities.
CREDAI is the apex body of real estate developers.
"Kompally and the rest of north Hyderabad has been seeing construction work since the 90s when this was the hub of spacious luxury segment villas and homes.&nbsp;But now, since 2019, this area has seen a lot of activity with builders making affordable&nbsp;apartment complexes in this region owing to a steady demand," CREDAI general secretary V Rajasehkhar Reddy said.
A lot of it was owing to the boost to Genome valley and IT sector in the region. "Gateway IT Park is coming up.&nbsp;Apart from that, Genome Valley has got a boost. Flipkart, Amazon warehouses and Tech Mahindra are all located here, which together have an upward of 20,00030,000 strong workforce, who will be needing homes in the same area," he added.
"This area has immense potential because of its proximity to Nizamabad and Karimnagar from where a lot of workforce comes in. The other factor is affordability and our analysis in fact has found that while on an average the per square foot (sft) rate in Hyderabad is Rs 62006400, while Kompally region is seeing houses in the range of Rs 5000 per sft," CREDAI, Telangana chapter, chairman Ch Ramchandra Reddy said.
Meanwhile, the builders note the area has potential in terms of customers from central and Secunderabad region, wishing to upgrade their home.

North Hyd new address for budget homes

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