Miyapur is part of Greater Hyderabad and comes under the Greater Hyderabad Municipal Corporation (GHMC) while all the development work is undertaken by the Hyderabad Metropolitan Development Corporation (HMDC). The suburb is also very close to the National Highway 65 which connects Pune and Hyderabad, as well as Machillipatnam.
Miyapur is a designated ‘high rise’ zone and a large number of premium apartment complexes have come up in Miyapur, as a result the suburb has developed into a major residential, educational and commercial hub. The suburb also has the advantage of becoming a transportation centre because of two ring roads, namely the Miyapur -Gachibowli and the Miyapur-Kompally roads. The other significant development in this area is the Hyderabad Metro and the Inter City Bus Terminal.
The second phase of the Hyderabad Metro is also likely to boost realty prices in the long run. Currently the realty prices stand at INR 3500 psqft for apartments in Miyapur. Traditionally it has been noticed that property prices along transport infrastructure goes up and those who invest when the project is still in the development stage are likely to laugh all the way to the bank.
A major advantage in favour of Miyapur is that it is quite near the Information Technology (IT) and industrial hubs; the distance from Hi Tech City is 10 km, from Punjagutta it is 18 km and from Secunderabad it is 21 km. Miyapur is also home to a number of government establishments such as the Telangana State Disaster Response and Fire Services, Cyber Crime Police Station, TSSPDCL (Telangana State Southern Power Distribution Company Ltd), Hyderabad Metropolitan Water Supply and Sewerage Board, BSNL and so on.
This year the number of launches has dropped in most metro cities and in Hyderabad it has come down by 11% and most developers in these cities are already facing slow sales, though inventory levels in certain pockets seem to have come down. It is interesting to note that real estate prices are likely to drop marginally in key metro cities on the heels of the demonetization move by the government.
The prices in Miyapur had already moved south; the big question at this time is whether there will be a further drop in prices which will be good news to the home buyer and bad for the developers, who are already grappling with complex issues. However, most real estate experts feel that secondary sales or the sale of older apartments and houses will be affected by the demonetization, as these deals normally involve large cash components.
Experts feel that with the pressure on prices it would be advisable to make an investment into an apartment at this time. It is also likely that the high end homes will also see a price correction while the really super luxury homes, which normally see a large cash component in the sales transaction, will take a hit.
Nina Varghese for IndiaProperty.com
Image: By Adityamadhav83 (Own work) [CC BY-SA 4.0 (http://creativecommons.org/licenses/by-sa/4.0)], via Wikimedia Commons