Nov 24, 2006

Secunderabad's Delight - Marredpally

Reading this article by Anushya Rajagopalan in Times of India (Oct 01, 2006) made us feel good since we live here.

Being the only large residential hub that is a stone’s throw away from the Secunderabad railway station and the commercial bustle of Patny and Paradise, Marredpally is in a unique position.

Away from the buzz of prominent IT hubs, Outer Ring Roads and the new international airport, Marredpally has still retained its own charm.The rich and vibrant culture, which is evident in its religious activities and community gatherings, alongside the countless number of popular schools seem to be its USP.

Its real estate scene has altered in recent years, from one where old bungalows with huge courtyards dotted the whole area, to one that is dominated by towering apartments and infrastructure that can hardly keep pace with its vertical expansion.

Commercial activity

Essentially, the locality is residential , with commercial activity just enough to support the day to day needs of the people living there. So one can find super markets, dry cleaners, confectionery stores and stationery shops but shopping complexes and malls? You would have to go a bit farther to Secunderabad for that.

The property rates in the area escalated with the real estate boom in the city almost doubling itself in the last year and a half. But the boom has not been evenly spread all over this locality. While many parts of Marredpally have witnessed tremendous growth and development there are a few pockets where development and rates are now stagnant . This is mostly in those portions of West Marredpally which fall under the Cantonment area.

When it comes to commercial spaces, the rates are not the same everywhere. While some commercial properties in East Marredpally command Rs 40 per sft as rental, some others bordering near Picket have to be content with quoting Rs 15 – Rs 20 per sft.

Moreover, the area is so saturated that there is no space left for any large-scale commercial venture. “The commercial scene is not doing very well especially in a few areas . The lack of parking space could be one of the main reasons why nobody prefers to set shop here.Even a few complexes that are running hardly have any visitors,” says B Rasheed of SM Real Estate.

Development thrives

S Rajesh of Sree Laxmi Real Estate and Rentals says,“The residential scene in Marredpally is doing very well.There is a lot of demand from people in other areas who want to move closer to their children’s school. But because there is no land available there are many owners of independent bungalows who sold the plot to developers and have made huge apartments.” And the brand new apartments comes all furnished with all the facilities and charge nothing less that Rs 10,000 as rent.

However, with GO 86 restricting construction activity, this trend is seeing a down slide too. Rasheed explains,“A year ago, those who wanted to convert their independent homes into apartments hardly got about Rs 15,000 per square yard. Then during the big boom, everybody wanted to buy property but there was hardly any land available.That was when the owners of independent bungalows got Rs 40,000 per square yard to develop their homes into apartments. However, after the new GO has been passed, there are hardly any developers who are interested in continuing this trend. So the rates have come down to Rs 30,000 per square yard.”

Rental scene

The capital and rental values also vary from one locality to another within Marredpally itself . So while East Marredpally does a tad better, the Western half is yet to pick pace. “East Marredpally commands better rates because the roads are 40 ft compared to West Marredpally which has 30 ft roads and the plot sizes are bigger here too,” adds Rajesh.

Independent bungalows command very high rents almost touching Rs 40,000 per month. Their plots are big, with ample parking space and green gardens with porticos.

In fact, the trend now is to let out these bungalows to corporates who use it as their guesthouses. But in some areas falling under the Cantonment region, the rates fall because of small plot sizes, where only a certain portion is let out.

If you want to buy an independent house in Marredpally then you must change your plans because there are none available. Those who live in them don’t intend to part with their house, and even if they do they approach builders to construct apartments and pocket a few flats.

Marredpally residents are a content lot. They may not have all their requirements in their locality but with commercial hubs and shopping centres at an arm’s distance, they have nothing to complain about.No wonder it’s the largest and most popular locality in Secunderabad!

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