Manikonda: An affordable alternative to Gachibowli in Hyderabad

Manikonda, a suburb in western Hyderabad, serves as a hub of development for the city’s emerging technology industry. A well-organized transport system, an expanding business district, and reasonably priced real estate are the main drivers of the Manikonda market.

Manikonda has an advantage over other areas where real estate is in demand because of its proximity to internationally known IT zones in Hyderabad, such as HITEC City, Nanakramguda, Gachibowli, and Raheja IT Park. 

Hyderabad is a well-known IT/ITeS cluster in South India that draws a lot of young professionals. The city is also regarded as having one of the most reasonable markets in comparison to other Tier-I cities like Bangalore and Chennai. 

Because Manikonda is equally affordable, it has become one of the city’s most popular real estate destinations.

Track Your Property

Why is Manikonda an affordable alternative to Gachibowli in Hyderabad?

The average capital values in Manikonda increased from Rs 4,250 in the Oct.–Dec. 2018 quarter to Rs 4,400 in the Jan.–Mar. 2019 quarter, according to the 99acres.com Insite Report. 

Currently, the typical "asks" in this area vary from Rs 3,600 to Rs 4,400 per square foot. 

While house costs in the area have increased by 4% QoQ, the current rates are still very low when compared to nearby premier IT hotspots. 

For example, flats in HITEC City cost about Rs 6,200 per square foot, whereas residences in Gachibowli cost about Rs 5,800 per square foot on average.

Compared to desirable neighbourhoods in other Southern IT-dominated cities, the neighborhood’s prices are likewise competitive. 

For example, average ’asks’ in Bangalore’s Whitefield are between Rs 4,800 and Rs 6,400 per square foot, while in Chennai, Madipakkam, and Pallikaranai have prices exceeding Rs 5,000 per square foot.

Manikonda’s future looks bright because of its affordability and proximity to IT clusters, especially in light of the present good feeling surrounding property purchase. 

With reputable schools like Shemrock and Mount Litera, colleges like UGC and Sadhana, hospitals like Indo-UK and Royal Manikonda, and a few well-known clubs, the local civic council is actively building infrastructure in this area, which will only serve to further the area’s already rising reputation.

High traction in office space demand

Hyderabad’s western corridor is very popular for both residential and commercial real estate. In 2018, 64 lakh square feet of office space were occupied, with deals involving companies like Facebook, Accenture, and CoWrks. 

Along with demand from the manufacturing and IT/ITeS sectors, there was also a noticeable increase in demand for co-working spaces in the commercial belt that borders Manikonda.

Due to the favourable investment climate for office space, thousands of job opportunities have become available, bringing a sizable population to areas like HITEC City and Gachibowli. Consequently, this brings with it a fresh group of prospective renters and homeowners for the areas surrounding these IT centres, with Manikonda constituting the majority.

Social infrastructure and connectivity

Manikonda is easily accessible to the airport and train station, and it is situated three kilometres away from both the Indira Gandhi flyover and the Outer Ring Road. The newly constructed Green Line metro line, which runs between Jubilee Bus Station and Falaknuma, provides reasonable access to the area. The Parade Ground metro station is the closest one.

Manikonda is well-equipped with quickly advancing social and civic infrastructure, providing access to top-notch educational institutions, banks, supermarkets, hospitals, and entertainment venues. Leading developers are also continuing to build a wide range of residential projects in Manikonda. Renowned developers like Anuhar Homes and Aditya Fort are among those having future projects in Manikonda.

Upcoming residential projects in Manikonda

Recently, more than 3,000 new residential projects were introduced in Hyderabad’s IT corridor, including the multibillion-dollar Lanco Hills and Manikonda’s Chitrapuri Colony. 

Manikonda offers properties, whether they are commercial plots or apartments, at comparatively lower prices than the nearby marketplaces of HITEC City and Gachibowli.

Bottom Line

Due to the saturation of the traditional IT corridors like Madhapur and HITEC City over the last ten years, businesses are increasingly setting up shop in the extended corridors like Manikonda. 

Manikonda is becoming a popular place for professionals from Gachibowli and HITEC City to live because of its proximity to important industrial areas and reasonably priced housing. 

Manikonda will continue to expand in the future as Hyderabad establishes itself as a major residential and business centre.

Assetscan is a smart real estate buddy for AI-powered property valuations. It’s a user-friendly platform that assists investors with accurate micro-market updates, real-time property valuations, and location trends.

 

Through Assetscan, you can utilise our AI-powered insights to make smarter, data-driven decisions and ensure you capitalise on the best opportunities in this thriving market.