Property Tax

Builders Race To Build Skyscrapers in Hyderabad:

Hyderabad is arguably one of the fastest growing cities of India and South Asia. Hyderabad has become a major hub for companies investing in India. Hyderabad is already a large technology hub with software giants like Google & Microsoft having their India head office situated in Hyderabad. The city that is home to Charminar is also quickly becoming the home for the biotechnology industry; the government of Telanagana is also incentivizing investments from companies wanting to set up their base in Hyderabad.

With this kind of steep growth, Hyderabad could soon overshadow cities like Bengaluru and Mumbai in the future.In spite of all the rapid development, Hyderabad has very few residential high-rise buildings or skyscrapers.This is about to change very soon as builders and developers are racing to build skyscrapers and obtain the title of having the tallest building in the city. A string of upcoming projects coming up near the IT corridor in the western part of Hyderabad aimed at crossing the 40 floor mark and becoming exclusive residences in the city.

The area around the IT corridor in Hyderabad – Gachibowli, Manikonda, Nanakramguda, Madhapur, Kondapur, Serilingampally etc. all towards the Cyberabad side have become hotspots for upcoming construction projects mainly due to being in close vicinity to the offices and connectivity via the Outer Ring Road.

In February 2021, a Bengaluru based Sumadhura Group received their permit from civic authorities to carry on with their proposed 44 floor residential project in the Financial District. The project called ‘Sumadhura Olympus’ is expected to be ready by the year 2025 and is being advertised as “Hyderabad’s tallest property”. Currently it is Hyderabad’s Rajapushpa Properties’ ‘Provincia’ in Narsinghi has the title of the highest living property with 39 floors + a ground “floor” and is under construction with most of the top floors already being sold out at a base price of around Rs.6,500 per sq. ft..

Another benefit of going for high-rise apartments is that there is more ground space available for open and recreational spaces allowing developers to add more space and breathing area around their projects. The government of Telangana has also designated areas for skyscraper projects where there is no limit on the height of the building. The civic construction authorities have received a lot of applications for permission from developers proposing projects with 40+ floors but the officials claim that very few receive the permission after heavy scrutiny.

Candeur Constructions – another big project developer company from Bengaluru have announced their newest project the ‘Candeur 40’, a 40 floor project aimed to be ready by the 3rd quarter of 2024. This is the first 40 floor project by Candeur Constructions after restricting their projects in Bengaluru to only 24 floors.Candeur claim that out of the 346 flats on offer they have already sold many 3BHKs and flats above the 30th floor.

SAS Infra is also building a 36 floor ‘iTower’ in Nankramguda which will become Hyderabad’s tallest commercial project when completed. SAS Infra is also said to have plans of sprouting a 57 floor residential venture aimed at being the tallest housing project in the whole of South India.

There are other firms too with many projects of 40+ floor residential buildings – Lanco Hills, Lodha Builders to name a couple who could have multiple skyscrapers completed in the next 5 to 10 years. All these projects are expected to cost between Rs.6500 to Rs.9000 per sq. ft. for interested buyers. One thing that can be said for sure is – Hyderabad city’s skyline will be looking a lot different 10 years from today.

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