The Neopolis region in Hyderabad is a golden mine for real estate. The base price of new age high end apartments in this region is around Rs 7 crore to Rs 10 crore, which means ordinary people cannot afford them. But still they are being sold like hot cakes.
When asked who is actually buying these properties, which are selling like hot cakes, the answer is not the predictable one.
Many assume that NRIs are the major players, but surprisingly, they constitute only about 10 to 15 percent. Then who forms the major chunk of buyers?
On enquiry, it is found that people living in independent houses in Jubilee Hills and Banjara Hills are continuously investing in these flats for the sake of their children.
For example, a 60-year-old person living in a palatial house in the Jubilee Hills region may have two grown-up children who aspire to live in luxurious gated communities.
Such families are buying two flats in one or two gated communities for their children, who then move into them.
One may think this group is small in number, but that is not the case.
The affluent population in Jubilee Hills and Banjara Hills is significant, and they have both the inclination and the financial capacity to invest in such properties.
Some among them liquidate their agricultural assets in their native places and invest in these new-age residential developments. This group forms nearly 60 percent of the buyers of the most expensive properties in the Neopolis region.
Another major segment comprises investors from Mumbai. The affluent Mumbaikars who traditionally invest in Mumbai real estate are now viewing Hyderabad as a more lucrative option and are purchasing properties here purely for investment purposes.
A smaller portion of buyers includes top-level, high-earning professionals in tech companies who can genuinely afford to invest Rs 8 crore or more in an apartment.
On the other hand, the biggest challenge faced by real estate brands in this region is the dust generated by rock-crushing activities.
The entire region is rocky, and extensive rock crushing results in enormous amounts of dust, making living conditions difficult. High-end real estate companies are concerned, especially as handover time approaches for many buyers.
Once residents occupy their flats, they face severe dust issues, which could ultimately impact the real estate market in the region.
Even when kitchen doors or balconies are opened, dust is clearly visible, and it settles on paintwork and interiors, causing damage.
Observers state that the region is expected to return to normalcy only by 2030, and until then, dust pollution is inevitable. Therefore, buyers who receive possession of their flats after 2030 may not face this problem.