In recent times, Hyderabad or popularly known as the ‘city of Nizams’ has seen a boon in the rental residential market due to the influx of many big IT/ITES industries and corridors. Also, infrastructural developments in various parts of the city and increasing metro connectivity have played a significant role in enhancing the demand for rental homes.
While all the major IT industries are located in the western part of Hyderabad, other parts like eastern and Hi-tech City are also not far behind when preferred for rentals. It can be very well understood by a recent survey, conducted by various industry bodies which says that places attracting high rentals include Bachupally, Rajendranagar, Narsingi (around the IT belt), Uppal, Nagole, LB Nagar (east). However, areas such as Gachibowli, Hi-Tec City, Kondapur and Banjara Hills continue to rule the rest of the market.
According to a real estate expert, “Though the western part undoubtedly has maximum demand, owing to the rising migrant population base, eastern markets are also pulling an impressive crowd of home buyers. While the rental structure is distinctly different in the two pockets, the east too has seen a 20% rise in house rents”
As told earlier most of the IT corridors are located in the western Hyderabad, due to this rental home here cost a little high as compared to eastern zone. But due to good connectivity and transportation, people today don’t mind in opting for a rental home in eastern zones like LB Nagar (east), Narsingi and Rajendranagar.
Also, due to the development of the metro, a lot of new housing projects are now being launched in the Uppal-Nagole belt too.
Rentals in east and west zones
As per the survey, rentals are almost high in the west zone which starts from 14000 and goes to a maximum of 30000. Take a look :
Banjara Hills : 20000-30000
Hi-tech city : 18000-30000
Gachibowli : 16000-22000
Kondapur : 14000-21000
Begumpet : 17000-25000
Nallagandla : 15000-22000
On the other hand, rentals in areas adjacent or near to IT hubs like Bachupally and Rajendranagar are still affordable and this is the reason, many employers and small families are moving towards this area. “Other areas like Narsingi, Kokapet, Nizampet, Miyapur, and Tellapur have also shown promising growth in the rental market and have the tendency to show more progress.” says survey.