In February this year, Bengaluru-based Sumadhura Group hit headlines after its 44-floor residential venture in Financial District got the green signal from civic authorities. Expected to be ready by 2025, ‘Sumadhura Olympus’, is being marketed as Hyderabad’s tallest property in the making. But until it takes off, it’s home-grown Rajapushpa Properties’ ‘Provincia’ in Narsingi that’s hoping to hold onto that title. Standing at G+39 floors, this project is already underway and has sold most of its top floors, say, officials – a base price tag of Rs 6,549 per square feet (sft) notwithstanding.
“There is tremendous demand for the top floor, especially those above the 30th floor,” said P Sreenivas Reddy, executive director of firm, adding, “Our reason to go vertical was to have more open space around the project and that’s possible only if the building is above a certain height,” he added.
For Candeur Constructions though, the idea was to grab maximum attention with their debut show in Hyderabad.
While their projects in their home ground, Bengaluru, are limited to 24 floors, the ‘Candeur 40’ in Miyapur will have 40 floors once it’s ready by mid-2024. “Of the total 346 units that we have sold so far, majority are on the top floors and 3BHKS. People are very keen on buying bigger spaces in high rises now,” said Madhusudan Kilari, senior manager (sales).
Agrees, officials of SAS Infra that’s currently building a 36 floor ‘iTower’ in Nanakramguda – touted as Hyderabad’s tallest commercial project thus far. According to market sources, the firm is drawing up plans to launch a 57-storeyed residential tower in the city soon, hoping for it to become the tallest housing project in all of south India.
“These apart, there are a bunch of other projects in their nascent stages of planning, that are expected to be 40 floors and above. All of them are planned in Hyderabad’s western wing and priced at Rs 6,500 to Rs 7,000 per sft (on an average),” said a leading city realtor.
Civic officials maintain that only some buildings have been given permission so far. “Most permissions being sought within the core city area are still limited to 30-32 floors. It is projects in the periphery that are gunning for 40+ structures,” said Devender Reddy, chief city planner, Greater Hyderabad Municipal Corporation.