हैदराबाद Hyderabad (HYD): Located about 25 minutes away from Central Hyderabad, LB Nagar-Nagole stretch is seeing increasing demand in the rental market. Why? Thanks to the Metro line that is soon going to be functional.
“The trial run of the Metro happened a month ago on the Nagole-Mettuguda stretch. This is under the first phase, of about 71 km length and will include lines such as Miyapur–LB Nagar (29 km), Nagole- Shilparamama (26.51 km) and JBS–Falaknum (14.78 km). Of these three, the first line, Miyapur-LB Nagar stretch is likely to be functional within six months,” says Bangaru Bharath Kumar, owner of Mahima Properties.
“Looking at the market dynamics, currently the conversion rate is low but the enquiries for rented accommodation have increased. The metro trial run has attracted those looking for rented accommodation, thus increasing the demand”, he adds.
Preference for localities that have metro connectivity is evident in other cities such as Delhi, Mumbai and Bangalore. For instance, Patparganj in Delhi, a well-established locality, is currently seeing rising rental enquiries with each passing day.
Similar trends are seen in localities of Mumbai such as Versova-Andheri-Ghatkoper and Whitefield and the Central Business District (CBD) in Bangalore. All these localities have seen noticeable increasing rental demand and rising values post the metro becoming operational.
This was also reflected in a recent survey done by Magicbricks. It shows that more than 80 per cent people looking for apartments on rent said they prefer living in localities that have metro connectivity.
LB Nagar is about 10-15 km away from Adibatla which is touted as the next IT hub after Hitec City and Gachibowli. “Tata Consultancy Services (TCS) has started its project construction activities in Adibatla. Other than this, Cognizant, the IT giant, has also acquired land in the area,” says Venkateswara Rao, owner of VR Properties.
“These commercial set-ups are likely to generate more than 25,000 jobs by the end of this fiscal year, which will certainly push up the demand for rental accommodation in areas around,” adds Kumar.
Adibatla is also far away from Central Hyderabad and is currently attracting real estate development, though mainly plots. The data with Magicbricks shows that the area offers maximum number of plots. Thus, those looking for multi-storey apartments especially on rent need to look at the nearby areas as well.
“With well-equipped social fabric and infrastructure and the upcoming enhanced connectivity LB Nagar is a preferred choice,” says Kumar.
What is available?
The current rental values in LB Nagar are within Rs 8,000-15,000 per month. Within this range, you can find 1, 2 and 3BHK units. However, Kumar adds, that 2 and 3BHK units are the most demanded and supplied configuration here.
Apart from being centrally located and offering affordable properties, LB Nagar offers few more reasons to be considered as a preferred location for rented accommodation. The locality is on NH-9 and is a complete residential zone with a commercial mix along the highway. Numerous buses of Andhra Pradesh State Road Transport Corporation (APSRTC) provide frequent services to LB Nagar, linking it with the city and surrounding suburbs. The closest Multi-Modal Suburban Transportation System (MMTS) is at Malakpet, situated about 9 km away, thus making the choicest place for residents.