The western suburb of Manikonda in Hyderabad is a seedbed for the burgeoning technology sector in the city. A well-structured transport infrastructure, growing commercial landscape and competitive property prices are the significant market movers in Manikonda.
Given the propinquity to internationally recognised IT zones in Hyderabad such as HITECH City, Nanakramguda, Gachibowli and Raheja IT Park, Manikonda enjoys an edge over other locations in demand for real estate. Hyderabad, being an established IT/ITeS hub in South India attracts young professionals in large numbers. Additionally, the city is known to be one of the most affordable markets over other Tier-I cities such as Bangalore and Chennai. The affordability factor extends to Manikonda as well, which, therefore, has emerged as a much-preferred realty destination in the city.
As per the 99acres.com Insite Report, the average capital values in Manikonda have risen from Rs 4,250 in the Oct-Dec 2018 quarter to Rs 4,400 during Jan-Mar 2019. Currently, the average 'asks' here range between Rs 3,600 and Rs 4,400 per sq ft. Even though the locality has displayed a four percent hike in home prices, QoQ, the current rates are still nominal in comparison to those in prime IT destinations nearby. For instance, HITEC City offers apartments priced around Rs 6,200 per sq ft, whereas, in Gachibowli, homes are priced at an average of Rs 5,800 per sq ft.
The locality is also competitively priced when compared to prime localities in other IT-dominated cities in the South. For instance, Whitefield in Bangalore observes average 'asks' between Rs 4,800 and Rs 6,400 per sq ft, and Madipakkam and Pallikaranai in Chennai have prices over Rs 5,000 per sq ft.
QoQ Price Trends
In the rental landscape, too, Manikonda augurs well for the budget-sensitive tenant community. While Manikonda offers homes at an average rental value of Rs 13 per sq ft per month, Gachibowli and HITEC City offer apartments in the range of Rs 16 to Rs 19 per sq ft per month. Therefore, young IT professionals in entry-level jobs, who constitute about 40 percent of the workforce in Hyderabad, prefer renting apartments in Manikonda to the prime regions in its vicinity.
Ashwin Tyagi, General Manager, Theme Ambience Constructions Pvt Ltd, says, "With the current positive home buying sentiment, the future looks bright for Manikonda, owing to its closeness to the IT hubs and also its affordability. The local civic body is actively developing infrastructure here with good schools like Shemrock and Mount Litera, colleges like UGC and Sadhana, hospitals like Indo-UK and Royal Manikonda and also a few high profile clubs which will further contribute to the growing popularity of the region."
High traction in office space demand
The western corridor of Hyderabad witnessed strong traction for residential as well as office spaces. The year 2018 saw absorption of 64 lakh sq ft of office space which included deals from Facebook, Accenture, and CoWrks among others. It was observed that high demand was seen for co-working spaces, in addition to demand from IT/ITeS and manufacturing sectors in the commercial belt neighboring Manikonda.
The favorable investment climate for office spaces has led to the availability of thousands of job opportunities, introducing a massive workforce into regions like Gachibowli and HITEC City. This, in turn, means a whole new batch of potential tenants and homebuyers for the regions in the peripheries of these IT hubs, and Manikonda accounts for the lion's share.
Connectivity and social infrastructure
Manikonda is three km from the Indira Gandhi flyover and Outer Ring Road, and also enjoys easy approachability to the airport and the railway station. The locality is fairly connected by the recently opened metro route between Jubilee Bus Station and Falaknuma along the Green Line. The nearest metro station is at Parade Ground.
Well furnished with rapidly improving social and civic infrastructure offering world-class schools, colleges, banks, supermarkets, hospitals and entertainment avenues, Manikonda continues to get a wide variety of residential projects by leading developers. Some of the renowned developers with upcoming projects in Manikonda are Anuhar Homes and Aditya Fort, among others.
Upcoming residential projects in Manikonda
Developer
|
Project Name
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Configuration Offered
|
Budget bracket
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Possession Timeline
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Anuhar Rami Reddy Towers
|
2,3 BHK
|
Rs 59.71 to 85.75 Lakh
|
Sep 2022
| |
Fortune Green Homes
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Fortune Golden Oriole
|
2,3 BHK
|
Rs 58.28 to 98.79 Lakh
|
Dec 2020
|
Riddhi Habitats LLP
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Siddhis Grandeur
|
2,3 BHK
|
Rs 52.88 to 70.65 Lakh
|
Dec 2019
|
Maxima Projects[P] Ltd.
|
Casa Maxima
|
2,3 BHK
|
Rs 46.2 to 62.8 Lakh
|
Feb 2020
|
In the IT corridor of Hyderabad, there were over 3,000 new residential launches in 2018, including the multi-billion dollar Lanco Hills, as well as the Chitrapuri Colony of Manikonda. Compared to the neighboring markets of HITEC City and Gachibowli, be it apartments or commercial plots, one can find properties at relatively competitive prices in Manikonda.
As the traditional IT corridors such as Madhapur and HITEC City have reached the point of saturation over the past decade, companies are now establishing their offices in the extended IT corridors such as Manikonda. Professionals working in Gachibowli and HITEC City are choosing to live in Manikonda for its connectivity to the major industrial hubs and comparably affordable rates. As Hyderabad continues to gain prominence as a leading commercial and residential hub, Manikonda has more growth in its future.
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