By,Prashant Thakur, Head – Research, ANAROCK Property Consultants
Located in western Hyderabad, Kondapur has emerged as a major residential hotspot in the city over the last few years. Once a remote locality, the micro market is currently abuzz with residential activity across property types and budget segments. With the saturation of nearby markets like Gachibowli, Madhapur and HITEC City, Kondapur became an alternative destination for builders and homebuyers.
Kondapur is famous for the Kotla Vijayabhaskara Reddy Botanical Garden, which provides a serene and peaceful environment. Bordered by Shilparamam in HITEC City, Kondapur is now seeing the emergence of commercial establishments alongside residential developments as well. High demand for commercial spaces by the IT-ITeS companies has prompted builders to expand into areas like Kondapur, with large land parcels abutting major IT-ITeS offices paving the way for all types of real estate developments.
Kondapur enjoys good connectivity to major employment pockets in HITEC City and Gachibowli.
Kondapur is well connected to Outer Ring Road (ORR) which is merely 4 km away via Botanical Gardens road or Miyapur-Gachibowli road.
Kondapur boasts of easy connectivity to micro markets in the central zone of Hyderabad (Jubilee Hills, Banjara Hills) via HITEC City and Road Number 36.
Rail: The nearest railway station to Kondapur is Lingampally MMTS which is 6 km away and HITEC City MMTS which is at a distance of 8 km.
Metro rail: As per the L&T Hyderabad metro project in the proposed corridor III plan, Kondapur will have easy and close access to Durgam Chervu and Shilaparamam metro stations.
Air: Kondapur is well-connected to the Rajiv Gandhi International Airport Shamshabad (located 34 km away) via ORR which takes less than 40 minutes to reach.
Since 2013, around 9,500 new residential units have been added in Kondapur. Of this, almost three fourth of the launches (over 76%) were added from 2015 till Q3 2018.
In 2015, Kondapur witnessed a whopping 260% rise in the new launch supply. This was essentially due to business-friendly policies of the state government, political stability after state bifurcation and the revival of positive sentiments of end consumers. 2015 saw the Hyderabad real estate market bounce back after a rough phase due to the economic slowdown, political turmoil and uncertainty in employment opportunities.
As per Q3 2018 data, the current unsold stock in Kondapur is approx. 4,530 units of which nearly 77% is under various stages of construction.
Nearly 30% units (approx. 2,890) of the total new launch supply since 2013 are ready-to-move-in while 62% units (around 5,850) will complete in less than 12 months.
With buyers preferring properties that are either ready-to-move-in or nearing completion, Kondapur could be a good bet as there are a number of options available here. In fact, ample supply could be one of the prime reasons for builders launching fewer units during 2016-17.
Interestingly, nearly 81% of the new supply since 2015 falls in the luxury and ultra-luxury segment combined priced from INR 80 lakh onwards. This indicates that Kondapur has become the most sought-after premium residential market for high-income IT professionals working in and around the area.
Average property prices in Kondapur have seen a 10% rise from Q1 2015 till Q3 2018 indicating strong growth prospects of the micro market. Political stability, comparatively lower-priced property options, increased commercial activity across IT hubs and generally positive sentiments have upped the ante in this micro market.
Close proximity and excellent connectivity to the city’s major IT hubs – HITEC city and Gachibowli have transformed Kondapur into a major residential destination. Today, it boasts of being one of the premium commercial-cum-residential micro markets in Hyderabad, with high-end residential projects by leading developers. Additionally, major software and consulting firms such as Google, Oracle, S&P and many more have also set up their offices in Kondapur. This has further propelled the residential real estate demand here.
Kondapur also scores high on social infrastructure facilities such as schools, hospitals, and entertainment centers. Furthermore, various infrastructure upgrades including the L&T metro station, multi-level flyovers and grade separators at Botanical gardens are likely to improve its connectivity, reduce traffic snarls and thereby boost real estate growth in the near future.
Overall, Kondapur is witnessing good real estate growth with capital values appreciating post 2015. Backed by demand from the IT-ITeS professionals, Kondapur is likely to see a spurt in real estate activity as ample supply will hit the market in the near future.