Hyderabad: Apartment culture reaches new heights
With no open spaces left in Old City, people are converting their independent houses into apartment buildings to earn profits by either selling or renting out flats
Hyderabad: There was a time when the people in Old City used to reside in independent houses but now, the apartment culture is mushrooming in areas. The city which is mostly popular for swathes of single houses and heritage palaces, in the last few years, the properties are being converted into multi-storey buildings and apartments.
Earlier, these highrises were seen in developing suburban areas like Tolichowki, Mehdipatnam, Bandlaguda, Rajendernagar etc. but now since a decade, several areas in Old City including Santosh Nagar, Darulshifa, Moghalpura, Malakpet Shahalibanda, Ghansi Bazaar, Hussainialam, Khilwat and around Charminar extending up to Falaknuma, Bahadurpura, Jahanuma and Chandrayangutta are witnessing towering buildings.
As there is no open land in most of the Old City areas, people are converting the independent houses into multi-storey buildings so that they could sell out or rent out to earn profits," said Mohammed Muzammil, a property developer.
The apartment culture started a few years ago where a property developer purchased big houses and constructed apartment blocks and rented them. The people are dismantling their old houses spread over 500 square yards and above and constructing apartment blocks. In each apartment block, around 8 to 10 flats are being constructed.
Each flat in an apartment can be rented out at Rs 8,000 to Rs 15,000 per month depending upon the area and facilities.
"Mostly NRIs who have returned after spending several years in Gulf countries are now constructing the apartments and renting them out," said Fazaluddin, a civil engineer and property consultant.
A 2 BHK flat costs in the range of Rs 25 lakh to Rs 30 lakh depending upon the location. For getting a better rent amount the apartments are being built with all facilities including a good water supply, elevator to reach top floors, terrace for get-togethers and cellar space for parking," he explained.
"Earlier, people used to prefer living in independent houses with a joint family in big rooms etc. and now due to commercial aspects the people are developing their independent houses into apartments," said Mohsin Ali, a resident of Hussanialam.
Moreover, real estate developers are approaching property owners to develop their property on a partnership basis. "Depending upon the location, land of a property, the builders are building apartments on 50-50 partnership," said Mohammed Omer, another developer. "Through the construction of apartments by the builders, both the builder and property owner are being benefited," he added.