Lonavala residential bungalow sold for Rs 1.6 crore

HYDERABAD: An apartment measuring about 1,400 square feet was sold for Rs 25 lakh. The apartment, situated in Tellapur, commanded an approximate capital value of Rs 1,785 per square foot. The apartment is situated in an upcoming location, and is close to the IT corridor of Hyderabad. The area has a number of residential projects within a 10-kilometre radius.

Since it is close the IT corridor, the location may witness a steady demand. While the average value for a mid-scale apartment in the location ranges betweenRs 2,500 and Rs 3,300 per square foot, this unit in question has commanded a little lower value as it is part of an underconstruction project. However, it would be noteworthy that the location on the whole has seen a minor decline in capital values over the previous quarter on account of harsh lending rates and inflationary conditions, which have affected end-user demand.

MUMBAI: In a recent transaction, an apartment measuring 1,175 square feet was leased for a monthly rental ofRs 1.5 lakh. Located in Kalbadevi, the rental value commanded by the mid-sized residential unit is in line with the prevailing rates.

A comparable housing unit in the area is expected to be leased for an average value of Rs 1.5 lakh toRs 1.75 lakh per month. This value has, however, remained unchanged over the past year, owing to limited availability and concerns over the quality of the existing properties. However, being located near to all major conveniences like office destination, retail, healthcare and education, demand is always rife. A very limited supply and stable demand are expected to maintain this status quo in the coming months.

LONAVALA (PUNE): A residential bungalow, spread over an area of approximately 3,300 square feet, was sold for Rs 1.61 crore. The bungalow is part of a villa development project and offers to its residents a plush four- bedroom unit.

Holiday homes in the locations of Lonavala and Khandala (which are almost equidistant from both Mumbai and Pune) have been receiving interest from investors and second-home buyers. This is partly because the infrastructure in these areas has greatly improved with more amenities like electricity and water supply and better accessibility.

With a capital value of about Rs 5,000 per squarefoot, most current purchasers are likely to see good appreciation in the medium to longterm.

However, in the shortterm, given the current supply which seems to be moderately higher than the demand in the location, values and volume of sales are likely to remain consistent.

(Cushman & Wakefield)