Shankarpally sees sharp rise in real estate demand

Hyderabad: DEMAND for plotted developments and villas has witnessed a rise in the western parts of Hyderabad after the pandemic. The rise has been particularly noticed in upcoming urban locations such as Shankarpally where infrastructure development has been on an upward trend.

Shankarpally which shares proximity to other peripheral developed regions such as Kokapet, Gachibowli and other financial districts is emerging as a residential hub. Along with the presence of business districts, offices of multinational companies operate in these localities. Robust physical and social infrastructure in the form of educational institutes, entertainment hub and shopping zones have also boosted the prospect of this region.

Shankarpally corridor is considered as the 'Green Zone' of the city and ranks high on the livability index due to its low noise pollution and good air quality index (AQI) as its adjoining markets have development restrictions on real estate development due to GO – 111 and Conservation Zoning.

The demand for residences primarily arises from the locals and young professionals who have settled in this growing city and are looking for large living space in the post pandemic environment.

Veera Babu, Managing Director, Cushman & Wakefield – Hyderabad in a recently released report on emerging locations in Hyderabad stated, "Affordability, connectivity and proximity to economic corridors are key influencing factors towards the growth of Mokila – Shankarpally strip. They are strategically located between the ORR-RRR infrastructure projects and offer a good value proposition for investors as well as end users in the long-term investment perspective. With improving physical and social infrastructure in the region, and besides the rapid development witnessed in the peripheral 'ORR growth corridor', we anticipate a steadily rise in capital prices and we expect this trend to continue over the next 3-5 years."

Prashin Jhobalia, VP Marketing Strategy, House of Hiranandani said that "Shankarpally, an emerging residential hubconforms to all the attributes required for aflourishing self-sustainable micro-market. The locality enjoys an upper hand in livability quotient when compared to other nearby localities due top presence of green and open spaces. Thesedynamics point towards an upward trend in theprice appreciation just as the other micro markets of Hyderabad like Kokapet and Gachibowli that have experienced rising trends after infrastructuraldevelopment and entry of international corporate giants."