Hyderabad's skyline is soon going to be filled with skyscrapers, especially if one goes towards the financial district. Though there is a lot of space in the city, many new-home buyers are opting for skyscrapers as it provides them a sense of community living, and given the common spaces, they feel having access to more space.
Naturally, the builders, too, are vying with each other to outdo the others. There was a time in the distant past when Babukhan Estates was considered to be the tallest building in Hyderabad. But that is more or less history. Walk into Financial District, and you can see huge cranes working day and night to create the human oasis for newbie home buyers and also for those looking to invest to reap the benefits of the pandemic incentives.
In February, the Samudhura Group announced the construction of a 44-story residential apartment in the financial district at Nanakramguda. Now, SAS Crown has gone one step further in August and has announced a 55-floor skyscraper, making it the tallest residential building in South India.
Incidentally, any building with more than 25 floors is considered to be a skyscraper. And it's not just national players; even local builders are considering skyscrapers to cater to the new demand. Many are preferring high-rise buildings as it provides them with open spaces.
As per GHMC records, within the period of April 2020 to March 2021, 67 hi-rise buildings were approved, of which 23 were for commercial purposes, 40 for residential purposes, and the remaining four for institutional purposes.
As skyscrapers are convenient for employees who want homes close to workspaces, realty experts say it makes sense to invest in residential skyscrapers as they command a premium price vis-a-vis commercial skyscrapers. When it comes to office buildings, tall buildings may not be very profitable, say those in the realty sector.