Hyderabad is a very historical city with an amazing culture, cuisine and tourists spots. Although this city has been ravaged in the recent past because of the delicate political situation, it has always maintained its innate charm and beauty that attracted many people to the city. With more people coming into Hyderabad for work, the need for residential buildings began to increase. Construction firms have invested in building gated communities as well as standardone apartments in the city to cater to the residential needs of the existing and new residents of Hyderabad.
When we take a look at the statistics, we can find out that are less takers for standard apartments when compared to gated communities. Knight Frank India, which is a global property consultant firm recently conducted a survey on the construction projects in and around the city of Hyderabad. Its findings are that buyers are more interested in gated communities that provide loads of amenities rather than standardone apartments. The survey took into consideration that there is a large NRI population in the city, which means that the investors are looking for international quality and community support when they purchase a residential apartment. A gated community with highrise apartments and villas is more likely to provide all the aspects than standard apartments.
Most of the residential apartments launched recently are priced below 75 lakhs. Also, apartments that provided fitness equipment, shopping mall, play area and other facilities were preferred by investors. This scenario means good sales for construction firms that have invested in setting up multi-apartment communities. The other side of the coin shows poor performance of standalone apartments in the city.
If the construction firm wants to meet the claims, then it should have a huge cash infusion. The construction firm should be able to dole out huge sums of money if it is planning to construct a gated community. Plus, it should be able to find a property with 4 to 5 acres of land to set up the apartment complex. So, it means it should move out of the city into the suburban areas to find the land for the gated community. If the construction firm wants to start a project inside the city, especially in posh areas like Jubilee Hills and Banjara Hills, it should provide the same amenities. Investors prefer apartments that allow them to customize the space and provide the high-style living like that of gated communities. Plus, they want to live in spaces where there is ample green cover and plenty of play area for children. All these aspects are missing in standardone apartments. Also, the gated community gives people a sense of belonging to a community as there will be shared celebrations and other activities. It will give them a chance to get to know their neighbors, just like the good old times.
The reason why there are no buyers for standardone apartments in Hyderabad is because the needs and demands of the buyers have changed. They are looking more at the amenities and facilities available in the residential building and not much at the location or other aspects.