Hi-tech City Becomes the New Luxury Real Estate Hotspot

The recent real estate development in Hi-Tech city has been one of the most important deals in the city. This could change the real estate sector in Hyderabad completely and affect the prices in a major way. Properties in Hi-tech city are a prized possession with a high appreciation value. With a number of developments in the recent past, it has reinforced the fact that this locality is one of the prime investment zones in Hyderabad. One of the top real estate consulting firms in the world, Jones Land LaSalle India have successfully closed one of the biggest real estate deals in Hyderabad. Prestige Estates Limited has acquired a whopping 5.8 acres of land in Hi-tech city. The IT hub of the city has been in the realty stage for quite a while with immense potential for real estate for builders. The growing demand has also supported the sector in a big way. This 5.8 acre parcel of land might seem small for a corporate like Prestige, but acquiring land in the city where there is already shortage of land and development is a massive achievement.

This land in Madhapur, one of the top localities in Hyderabad has will result in high end development has well as hike in real estate prices in post bifurcation Hyderabad. The Prestige Estates have planned to develop this into a 1.2 million square feet luxury residential hub in the locality. Properties in Hi-tech city which are already in the higher end of the spectrum will notice a sharp price rise once the development by prestige is announced. Additionally this will improve developments in its nearby sub localities and help create a luxury real estate zone in the region.

"The IT boom has had massive implications on real estate development in Hyderabad. The city has been transformed into the focal point of growth for the IT/ITes sector in Andhra Pradesh. Hitec City is at the very epicenter of this growth. Because of the high pay scales and concurrent aspiration levels associated with the IT/ITes industry, there is a massive demand for luxury residential spaces in this location. Land parcels here are scarce and therefore command premium price tags." says Mayank Saksena, Managing Director - Land, Jones Lang LaSalle India to Money Control.

"We are extremely pleased with the acquisition of this plot on the competitive terms secured for us by Jones Lang LaSalle India. We are much attuned to the immense market potential for a luxury project in this location. Hi-tech City at Madhapur has the highest concentration of IT/ITES establishments in Hyderabad. It is a nexus of national and international corporate offices, and we are calibrating the offerings of this luxury residential project to suit the buyer profile of this catchment." says Irfan Razzack, CMD - Prestige Estates Ltd to Money Control India.

Not only apartments but today the area is dotted with a number of villas in Hi-tech city and this new project will only earmark this locality as a prime residential real estate investment avenue for HNIs.

Ranjitha is a freelance writer and blogger, following the Houses for sale in Bangalore and real estate sector closely for many years.