Hyderabad: Demand for serviced apartment projects increases
Hyderabad- Many cities are offering serviced apartment projects due to strong presence of IT companies in their cities. Hyderabad has come up on the track and is expected to compete cities like Gurgaon, Chennai and Pune in the coming years.
Since IT companies have become an integral part of real estate, developers are launching more projects in or near IT hubs. For example areas such as Gopanhalli, Madhapur, Gachibowli, Kondapur and Hi-Tech City some of the the IT hubs in Hyderabad. Service apartment projects in Hyderabad are gaining popularity because of commercial office spaces in proximity.
To state an example, PBEL Property Development (India) pvt limited will soon launch their two new towers in PBEL City township at APPA Junction. It is a joint ventured company between three construction majors which construct and owns residential properties, commercial centers, office space, cargo facilities and Hi-tech industrial parks.
PBEL City is a 25-acre world-class township which comprises of 13 residential and two commercial towers with G+18 stories comprising 12 and 8 flats at each level of 2 and 3 BHK towers respectively. The newly launched towers in PBEL city will be Argentum and Aurum with 400 units. Each of the tower will have 20 floors. They will offer 2 and 3BHK apartment units above 1,094 sq ft. The price of these residential units will be in between Rs 3,300-Rs 3,400 per sq ft.
With an increase in demand for serviced apartments, rental market is facing pressure. The demand of serviced apartments has increased with people coming for job in Hyderabad. Now according to the need, developers are planning to launch new projects for this class of people.
The rent of 2 and 3 BHK serviced apartments in Gachibowli varies between Rs 24,00 to Rs 24,00 per month while in Hi tech city it s between Rs 14,000-18,000 per month. According to some realtors, the rent price is expected to increase in few months.
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