The city of Hyderabad goes by many monikers: The City of the Nizams, The City of Pearls and The City of the delectable Hyderabadi Biryani. In recent years, a new descriptor, The IT City would be an apt description for this historical place, particularly its western side. The Information Technology revolution has transformed the hitherto sleepy areas of Madhapur and Gachibowli into major business hubs, with high rise residential and commercial buildings coming up everywhere. As these areas started getting saturated, however, new hotspots emerged in their neighbourhood. One such hotspot is Manikonda.
Manikonda first came to prominence as a place, housing actors, technicians and other people working in the local film industry. However, in the last decade in particular, this area has seen explosive growth with a number of modern projects with top class facilities coming up wherever one looks. In this article, we assess the real estate scenario in this now thriving locality.
Manikonda: Location & Connectivity
Manikonda is located in between the old Mumbai Highway and the Outer Ring Road, with the former road dividing it from Madhapur (Hitec City) and the latter from Gachibowli. Both these arterial roads connect it to all parts of Hyderabad city. Manikonda is well-connected by regular bus services particularly along the major roads, though internal connectivity could be better. The internal road quality too is not too good, bumps and rough portions are aplenty as of now. However, hailing a taxi or auto from here is quite easy.
The nearest railway station, Hitec City is 10 km away, but the most convenient railhead would be Secunderabad (17 km), from where trains go to all parts of the country. The upcoming Hyderabad Metro will pass near Manikonda, Shilparamam (8 km) being the nearest Metro station. The Rajiv Gandhi International Airport is around 32 km away and one can cover this distance in around 30-40 minutes, using the Outer Ring Road (toll must be paid, however).
With the biggest names in the technology industry both in India or abroad (Google, Amazon, Facebook, TCS, Infosys etc.) opening huge development centers in the aforementioned locations, a large influx of skilled engineers led to heavy demand of both residential and commercial real estate. Manikonda has benefitted from the spillover demand from these places. Some of the biggest IT parks such as Financial District (6 km), Raheja Mindspace (6.5 km), TCS Synergy Park (8 km) and Cyber Gateway (7 km) are in close proximity to Manikonda, while DivyaSree NSL Orion IT park is locate within Manikonda itself.
Manikonda: Social Conveniences
Manikonda’s proximity to the established IT hubs does not offer benefits of rapid infrastructural development, it also attracts numerous service providers to cater to the growing number of residents of this and surrounding areas. Manikonda has, arguably, among the best schools in the city, the most notable being Delhi Public School, Delhi School of Excellence, Oakridge International School and Mount Litera Zee School. Some top notch higher educational institutions such as ICFAI University, University of Hyderabad, NIFT and ISB are within 10 km of this locality.
Reputed healthcare institutions such as Apollo Hospital, Care Hospital, Continental Hospital and Max Cure Hospital are present within a 7 km radius. Major malls such as Inorbit Mall, Manjeera Mall and Forum Sujana Mall are also present in the neighbourhood. For residents looking to get closer to nature or looking for a good family outing, places such as Osman Sagar Lake, Himayat Sagar Lake, Khajaguda Heritage Rock Formation and Mrugavani National Park are good places to visit.
Manikonda: Residential Profile
Manikonda can be divided into two parts: the older area, comprising of narrow roads and largely low rise structures and the newer area along Lanco Hills road and Khajaguda, comprising of narrow, but smoother roads and high rise buildings. New constructions are coming up in both parts, though the more eye-catching ones are in the newer area. The apartment configurations available span a wide range from 2, 3 and 4 BHK units to standalone villas. Hence, prospective residents are spoiled for choice and can choose, depending on the location, amenities and their budget. Manikonda also has a few lakes (Manikonda Cheruvu, Lanco Hills Lake) and their natural beauty is an additional attraction for prospective residents.
Manikonda is an affordable housing destination, with the average base price of a multistorey apartment being ~Rs. 3,125/sq. ft., which can go up to ~Rs. 5,400/sq. ft., depending on the location and the developer’s brand name. Should one look to rent a place here too, it does not pinch one’s pocket too heavily, with the average rental rate being Rs. 13/sq. ft. This affordability, unsurprisingly, acts as a major attraction to prospective home buyers.
Manikonda: Good returns for investors
Considering Manikonda’s prime location right next to major business districts and the good connectivity it offers, the relatively lower property rates here make it a truly attractive proposition for real estate investors. The ever-growing IT footprint within Manikonda (Lanco Hills in Manikonda is planning an IT SEZ) and near it, acts as a demand multiplier, which should see prices, which were subdued owing to the economic slowdown, appreciate significantly in the near future for both residential and commercial real estate.
Manikonda: Upcoming residential projects in Manikonda
Manikonda, unsurprisingly, has attracted numerous developers from the most well-known to relative newcomers and offers both low rise and high rise options.
Lanco Hills is probably synonymous with the area of Manikonda itself. Located on top of a hill with a large land parcel, this complex by Lanco Infratech, has seen both good and rough times, but is still going strong. This project comprises of residential villas and apartment buildings (some complete and some under construction), a major shopping complex and a commercial building, with plans of an SEZ and two luxury hotels as well. Prospective residents have the choice of 2, 3 and 4 BHK apartments.
Aparna Constructions and Estates Pvt. Ltd., among the most reputed developers in the city, are coming up with their offering, Aparna WestSide, near Lanco Hills. Offering exclusively 3 BHK luxury apartments in a compact single tower apartment complex, this project will nonetheless offer all necessary amenities for residents from a clubhouse and swimming pool to areas for walking and recreation.
In the older part of Manikonda, one comes across Greenspace The Hive project by Greenspace Housing and Engineers Pvt. Ltd. This low rise project (in contrast to the two earlier projects) with 6 residential levels, spread across two blocks, offers a total of 132 residential units, which are a mixture of 2 and 3 BHK apartments of varied floor plans. Among the amenities on the anvil for residents are a badminton court, clubhouse and a cricket net.
Manikonda lies in a sweet spot in terms of its location, availability of land, quality service providers and affordable property rates and it’s not difficult to see why a home here is much sought after. While there are some hiccups such as the road condition in internal areas, the overall growth trajectory of this area is extremely positive, though dependent on the continuation of the IT boom.