Prestige to launch luxury residential project in Hitech city
Hyderabad – Bangalore based Prestige Estates Projects Ltd and promoters of KL Hitec Secure Print Ltd will together develop exclusive and luxurious residences on 5.8 acres in the Hitec City. Jones Lang LaSalle (JLL) India played an important role in this agreement.
This land at Madhapur (Hitech city) was acquired by the Prestige group and proposed to develop 1.2 million square feet residential project in Hitech city. They are planning to launch this project this year after June 2013. Since there is shortage of land, apartments in Hitech city and nearby areas are quoted at Rs 5,000-6,000 per sq.ft.
Hitech city area is one of the major industrial hubs in Hyderabad. Growth in the IT sector has paved way to the real estate boom in Hyderabad. This area houses companies like Microsoft, IBM, Metamor, Toshiba, Oracle, Wipro and many more.
The areas that comes under Hi Tech City are Huda Colony, Madhapur and Parvati Nagar. Nearby localities are Sharthpur, Kondapur, Gachibowli, Nanakramguda, Manikonda, Tellapur etc.
The location also provides good connectivity to other parts of the city. Rajiv Gandhi International Airport is just at a distance of 35 km while the nearest railway station is at a distance of 6km which is Sanathnagar Railway Station. Indian Business School and International Institute of Information Technology are few of the major educational institutes in proximity.
The builder believes that Madhapur embraces more IT establishments in Hyderabad than any other area. Professionals with high pay scales and their continuously increasing expectations had led to a healthy demand of luxury residential projects in Hitech city.
Hyderabad real estate market faced many ups and downs throughout the year 2012. The buyer’s sentiments remained considerably low due to Telangana issue. In next six months, the market gained momentum, prices increased. There were many residential projects were launched in and around Hyderabad. Developments in the Hitech city also impacted property prices as there was a good demand of IT spaces.
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