Home rentals in select areas around Charminar have almost doubled in the last three years, real estate agents say
Undeterred by the imminent bifurcation of the State, house rentals in the city’s south have gone through the roof.
According to agents, the rental in selected areas, especially around Charminar, has almost doubled in the last three years. One has to shell out between Rs.6, 000 and Rs.10,000 a month for a two-bedroom portion in Gulzar Houz, Darulshifa, Shahalibanda, Khilwat, Moghalpura, Pathergatti and Hussainialam.
“Easy access to markets and educational institutions and proximity to newer areas of the city are some of the reasons why people prefer houses here,” says Abdul Samad, a realtor. Cashing in on the demand, landlords are providing modern facilities and collecting huge rent.
Many are also eyeing real estate as a lucrative investment.
“A few families who have moved out of Old City have demolished their ancestral houses, constructed new buildings and have rented them out,” points out Hafeez Khan, a broker.
Newly-developed areas like Falaknuma, Bibi Bazaar, Aliabad, Kishanbagh, Tadban, Bahadurpura, Gowlipura and Lal Darwaza have also not been left out in the tide.
The rent for a single-bedroom house is Rs.3,000-Rs.4,000 a month, while the going rate for a double bedroom house ranges from Rs.4,000 to Rs.7,000 a month.
“The rental depends on facilities like road connectivity, public and private transport and proximity to educational institutions and markets,” says Syed Ayub, a rental agent.
“Unlike in the past, landlords now act professional. They provide all facilities and demand proportionate rent nowadays,” says Shaik Jilani, another rental agent.
Areas lying on either side of the Inner Ring Road from Santoshnagar to Aramgarh have also seen a lot of development in the recent past. Things here have changed after the IRR was widened. Many colonies have come up during the last one decade on the stretch.
Rents in certain localities in Santoshnagar, Hafeezbabanagar, Kanchanbagh, Bandlaguda, and Chandrayangutta that fall on the inner ring road are on par with core areas of the city, insiders point out.
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