Hyderabad: Upper and upper middle-class families are shifting to gated communities on the outskirts following rapid commercialisation in areas like Jubilee Hills, Banjara Hills, SR Nagar, Kukatpally and Ameerpet.
Many independent houses and even apartments are turning into commercial complexes, hospitals and other business establishments as the rental value of these areas hit the roof.
Residents are either selling off their property or renting them to commercial establishments before shifting base to Shankerpally, Mokila, Kokapet, Gajularamaram and Gopanpally areas.
Mr C. Sekhar Reddy, former president of CREDAI and chairman of the Indian Greenbelt Council of CII, said safety and security of gated communities was attracting elderly couples.
He said that with many people who are well off living abroad, couples living in the city’s residential areas are looking at gated communities for a comfortable life with club house and market facilities, apart from availability of primary healthcare.
Mr Reddy said even the younger lot prefer gated communities on the outskirts.
Mr Vivek, a civil engineer and resident of Gopanpally, said he purchased a flat in Kondapur a couple of years ago. But as the area had turned into a commercial hub, he has moved to Gopanpally, which is convenient for him and his wife, who work at a software company in the financial district.
Mr K. Murali, a resident of Kukatpally, said the area was congested with commercial establishments and he was forced to move to a faraway place near BHEL.
Mr Nageswara Rao, another Kukatpally resident, said he had moved to a gated community in Gajularamaram.
As SR Nagar and Ameerpet became software and hardware training institute hubs and also hostels for working women, men and students, rent values of independent houses touched nearly a lakh there.
Many owners of independent houses have rented out their property to hostels and institutes and moved to gated communities on the outskirts where houses and flats are available for Rs 30,000 a month.
Mr Sekhar Reddy said pricing of property in the city when compared to even Tier 2 or 3 cities is reasonable and one of the reasons why people from other states are buying villas and flats on the outskirts.
He said software companies with branches in the city are offering placements to fresh graduates and sending them for training to their parent units. This is giving younger generations a chance to invest in housing....