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Hyderabad’s "HOT" Places Series - Khairatabad
Posted by Pradeep Sadanapalli | July 25, 2006 | 942 views
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Loading ...This area is well known for Hyderabad’s biggest Ganesh idol, its association with the culture of Old Hyderabad, is an extension of the bureaucratic Raj and is also the constituency that has changed the destinies of political parties. However, owing to its proximity to the emerging commercial hub of Hyderabad, it has managed to blend modernity and traditionalism perfectly. Over the past five years, Khairatabad has metamorphosed to become an essential link between the old part of Hyderabad and the more modern areas of Banjara Hills and Jubilee Hills.Khairatabad got its name from Khairunissa, a noble lady who married James Achilles Kirkpatrick, an officer in the East India Company in the late eighteenth century. In fact, Khairunissa’s tomb still exists in Khairatabad. Initially it was a completely residential area, developed by the employees of the Accountant General’s (AG’s ) office and the LIC. Prominent colonies here include Anand Nagar Colony, Banjara Avenue Colony, Venkataramana Colony, Padmavati Nagar, Naveen Nagar and Erramanzil , areas that were once dominated by Telugu Brahmins but gradually acquired cosmopolitan hues.
PROPERTY VALUES
Property rates in Khairatabad are sky high, thanks to recent real estate boom in Hyderabad. Raja, manager of RS Realtors says,“Because of its proximity to Banjara Hills, Khairatabad’s real estate rates have shot up. Often, those who cannot find houses or rooms for rent in Banjara and Jubilee Hills, opt for Khairatabad instead.”
Like many others in the city, those who have invested in independent houses are raking in money. The capital value of a 1000 sft independent house was Rs 15 – 25 lakhs four years ago, now it has more than doubled . The recent trend here is to rent out small portions of independent homes. Rates are high - some charge Rs 5000 per month for a 400 sft space.
Another trend is the development of independent houses, especially adjoining ones, into apartments, so much so that hardly any independent houses can be spotted. Satyababu, a builder in Khairatabad says, “Yes, there are lots of residential projects happening in this area. We take land from owners of independent houses on 50-50 basis or complete purchase.” The present rule says that on an area of 2500 sq metres and 100 ft road, one can get permission to go up to 50 metres in height. This is easier if we get the land of two adjoining houses, he adds. Property acquisition is limited to second sales as there is no land available.
INFRASTRUCTURE
Nampally Railway Station – 4 km
Secunderabad Railway Station – 8 km
TankBund- 2 km
Hitech City – 14 km
Banjara Hills – 1 km
Khairatabad has its share of positives and negatives . It is centrally located, has a branch of all government offices, has all the facilities at an arm’s distance and close to all business and commercial centres. The problem which has recently cropped up is that of increasing construction activity in the area. The traffic situation becomes bad, especially when there is diversion in the main roads. Khairatabad is presently a very crowded area. However, there is still some quiet when one enters the residential areas.” With MMTS now making a stop at Khairatabad, it is even easier for commuters who travel to farther areas . The area is well equipped with hospitals, clinics, chemists and supermarkets . It also boasts of Chintal Basti aka mini Begum Bazar which caters to the residents’ grocery needs.
Though not in Khairatabad, all the popular hangouts, shopping malls, theatres and parks are just a stone’s throw away; be it Hyderabad Central or Lifestyle, PVR or Prasads, Barista or Café Coffee Day, up market restaurants or Udipi tiffin centres. And with active community centres, one can find enough recreation within their own colonies.
RENTAL VALUES
Apartments: Rs 6,000 – Rs 12,000 (1000 sft) Independent houses: Rs 10,000 – Rs 30,000 (1000 sft) Retail space: Rs 20- Rs 60 per sft
CAPITAL VALUES
Apartments: Rs 1,600 – Rs 2,200 per sft Land: Rs 20,000 – Rs 30,000 per sq yard Independent houses: Rs 60 lakhs - Rs 70 lakhs (300 sq yard) Retail space: Rs 2,500 - Rs 3,000 per sft
Source:
http://www.economictimes.com/
TIMES NEWS NETWORK[ SUNDAY, JUNE 25, 2006 01:06:49 PM]
Topics: Reports, Real Estate |
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