IT Migrants as they say to the city Hyderabad, struggle with the questions - should we buy a home here? Would I get transferred on completion of this Project? How long will this Project last, what will happen after that? Would the home be in our budget? Would we be able to afford the EMI?
Once we decided that it is better to take a home of our own rather then keep shelling out huge amount of money to the landlord, we started looking out for suitable home for ourselves. The search focused on Gated communities with good builders and where the Project was almost complete or ready for possession.
We started our search by visiting some of the projects in the area surrounding Gachibowli - IT Hub of Hyderabad. We considered and researched many Projects - Aparna Sarovar, Aparna Cyber Commune, Manjeera Diamond Towers, SMR Symphony, NCC Urban, Ramky Towers, Mantri Celestia and some more.
SMR Symphony is having a very prime location and it is within walking distance of Infosys, ISB, Wipro and Microsoft. SMR Symphony is having flats of higher than 1400 S.Ft area and the per S.Ft being demanded is also very high. The builder openly says that the premium cost is due to the location advantage. The cost of the flats available will be a deterent for anyone with a constrained budget.
Aparna Sarovar and Aparna Cyber Commune are located about 8 kms away from Gachibowly IT companies. The total Flat area for these projects is also high and the total cost is going beyond the budget of 30-40 lacs. The are is also isolated at present and commute at odd hours may not be considered very. Being a little away the public transport is also not available.
Some of the other Projects - Ramky Towers, NCC urban, Botanica are having very big sized flats available and the total cost again goes beyond 80-90 lacs which not everyone can afford. Not everyone is having a pay package with which they can afford paying an EMI of upwards of 60,000 per month. The builders are not building smaller sized flats which more IT empoyees can buy. It is not clear who did the market survey and study while designing the Projects and deciding the flat specifications.
There are many disadvantages of a big size flat which will be there once you start living in it as well:
- Difficult to maintain and costlier to maintain. Daily cleaning and upkeep will need lot of time and effort even if you employ a maid.
- EMI to be paid every month will be a large amount.
- Electricity charges for power backup, air conditioning etc will be higher for larger size flat.
- If the EMI amount is so high and keeps on increasing what will happen to the other liabilities - education of kids, grocery expenses, utility bills, Petrol, car maintenance, etc.
Requirements of middle class people like us are very simple:
- Area of the home can be between 900 to 1200 Sq.Ft.
- Cost of the home is in the range of 30 to 40 lacs.
- The location should be near to the office area ( avoid traffic congestion, reduce petrol expenses, give more time to family).
- Easy EMI payments and easily available home loan.
If we consider that smaller homes are available in other parts of the city like Miyapur, Kukatpally, we still need to consider the factors like - commute times, rising petrol prices. Traffic jams are bad for health and torturous.
We hope that the Real Estate builders/developers take heed of all these points and make more affordable homes near the Gachibowli IT hub and life easier for many folks like us. After all real estate will progress only if it caters to people's needs and makes more and more people happy.
