Realty boom spreading to Tier II & III cities in Telangana

The boom in real estate is not just confined to Hyderabad in Telangana and is now spreading to Tier II and III cities in the State as many buyers are preferring to invest in flats, villas and plots following rapid urbanisation in the districts. 

The cost of residential units in Warangal, Karimnagar and Nizamabad is almost on par with Hyderabad due to the development of sound infrastructure. Also, many IT employees, doctors and businesspersons working in the State capital, Bengaluru and Chennai are buying ready-to-move-in projects in different cities of Telangana. 

Apart from apartments, home buyers in Tier II cities like Warangal and Karimnagar are preferring villas despite their high prices as they offer huge living spaces. A large number of non-resident Indians (NRIs) living in the US, Canada and Australia are buying villas in Warangal which cost over Rs 2 crore. 

Premsagar Reddy, the CREDAI president-elect for Warangal, said real estate has picked up very well in Hanamkonda and Warangal in the last few years. “An apartment which is 1,000 to 1,200 sq. ft is ranging around Rs 50 lakh. Since banks are giving loans for employees, it has become easy for buyers to purchase properties,” he said.

According to him, the cost of plots is a minimum of Rs 20,000 per sq. yard in the main areas of the erstwhile Warangal district. In places like Kazipet, land cost is over Rs 5 crore. “There is a huge demand for villas and independent houses. Several builders are coming up with such properties to cater to the needs of buyers,” Premsagar Reddy added.

Realtors observed that after Hyderabad, cities like Warangal, Nizamabad and Karimnagar have the highest number of apartments coming up. The trend is catching up so fast that even Tier III cities like Kamareddy, Mancherial, Suryapet, Jangaon and Siddipet are witnessing the launch of apartment projects.

The expansion of the railway network, good road connectivity, work from home for techies, plans for greenfield airports, industrial corridors and the Regional Ring Road have given the big push for real estate in Warangal, Khammam, Karimnagar and Nizamabad.

The boom in real estate is not just confined to Hyderabad in Telangana and is now spreading to Tier II and III cities in the State as many buyers are preferring to invest in flats, villas and plots following rapid urbanisation in the districts.  The cost of residential units in Warangal, Karimnagar and Nizamabad is almost on par with Hyderabad due to the development of sound infrastructure. Also, many IT employees, doctors and businesspersons working in the State capital, Bengaluru and Chennai are buying ready-to-move-in projects in different cities of Telangana.  Apart from apartments, home buyers in Tier II cities like Warangal and Karimnagar are preferring villas despite their high prices as they offer huge living spaces. A large number of non-resident Indians (NRIs) living in the US, Canada and Australia are buying villas in Warangal which cost over Rs 2 crore.  Premsagar Reddy, the CREDAI president-elect for Warangal, said real estate has picked up very well in Hanamkonda and Warangal in the last few years. “An apartment which is 1,000 to 1,200 sq. ft is ranging around Rs 50 lakh. Since banks are giving loans for employees, it has become easy for buyers to purchase properties,” he said. According to him, the cost of plots is a minimum of Rs 20,000 per sq. yard in the main areas of the erstwhile Warangal district. In places like Kazipet, land cost is over Rs 5 crore. “There is a huge demand for villas and independent houses. Several builders are coming up with such properties to cater to the needs of buyers,” Premsagar Reddy added. Realtors observed that after Hyderabad, cities like Warangal, Nizamabad and Karimnagar have the highest number of apartments coming up. The trend is catching up so fast that even Tier III cities like Kamareddy, Mancherial, Suryapet, Jangaon and Siddipet are witnessing the launch of apartment projects. The expansion of the railway network, good road connectivity, work from home for techies, plans for greenfield airports, industrial corridors and the Regional Ring Road have given the big push for real estate in Warangal, Khammam, Karimnagar and Nizamabad.