Home buying journey @ 'The World of Joy', Miyapur, Hyderabad by Urbanrise

1. Pre-Purchase

A. Narrowing down the locations

We have been living in Narsingi/Puppalguda for the past 2yrs. & we absolutely love the locality. Its right next to the Financial District/ Kokapet/ Neopolis belt and barely 20-25 min from Gachibowli/ Hitec City, smack on the edge of the ORR. On an average day, it takes us lesser time to reach the airport than it takes any visitor to reach the airport parking lot from when the plane touches down on the runway. However property prices here have literally gone through the roof in this time frame - asking prices for flats in Rajapushpa Provincia that were going for around Rs.6k/ Sqft when the foundation was being laid in front of our very eyes, are today hovering over the Rs.10k/ Sqft. mark as the final few towers are topping out.

So, based on our budget, we had zeroed in on the localities where we could possibly invest for our first home. The localities (with upcoming branded, high rise gated societies, within 30-45min of the key business districts on the western corridor) on our radar essentially boiled down to the following 11.

We had clearly missed the bus on the ones in red, with even decent under-construction 2.5/3 BHKs trading in the 1.6-1.8Cr range. This essentially left us with the 7 localities in yellow, where the per square feet rates were under Rs.8K. There were a bunch of good societies coming up in these areas and while living in these areas would tentatively stretch our commutes by 15-20 min each way, those extra Rs.25-30 Lacs could well be the difference between us being able to afford a home of our own or not .

So, with this in mind we were casually looking around; 'casually', because even for these localities the numbers were adding up to 1.4-1.5 Cr. At 20%, the upfront down-payments were adding up to ~Rs.30 Lakhs with EMIs to the tune of Rs.1 Lakh/month starting in 1-2 years. These expenses were still beyond what we could immediately budget for, in the summer of 2023.

It was at this point that one of my cousins (who had recently booked a flat there) was able to convince me to tag along for a visit to Urbanrise's sales office at the TWOJ site at Miyapur (well, Ameenpur to be accurate).

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B. First visit to TWOJ, Miyapur

To be honest, Miyapur wasn't really very high in our consideration set. If anything, we had a feeling that Tellapur would be the area where we'll end up - if prices plateaued and something affordable turned up, say in the next 2-3 yrs horizon. For starters, it seemed too far from the part of the city we were used to and loved.

The name of the area, that gave a distinct old city vibe, (as much as I hate to admit) didn't really help with our prejudices either. The nearby industries in the IDA Bollaram cluster were a further bummer. Also, Urbanrise was somewhat ill-famed for rather high density developments. All in all, I went along just because I couldn't say 'no'.

While the approach road was in pretty bad shape at that point of time, the sales office was quite impressive. My cousin called in Prashant, the salesperson who had assisted them, and he led me to the 3B2T model flat (this was the 1509sqft unit, there was also a 3B3T 1839sqft unit next to it).

While the model flat on display did look impressive (clearly smaller than the 1800sqft+ layouts that one can visualize when thinking of a typical full sized 3BHK, this cozy 3B2T configuration did make for some smart utilization of the ~1500sqfts of available space ) - I tempered my enthusiasm with the self-reminder that this glitzy interior set up from IKEA costed close to Rs.20 Lacs.

I wasn't really considering buying a flat at this moment, but was rather just going through the emotions, enjoying the spectacle on display. After a brief tour, Prashant took us to one of the conference rooms, pulled out a rather fat brochure and set up the walkthrough video.

Things had finally started getting interesting. Roof tops of high rises are a really

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C. Evaluating the Alternatives

The closest, most practical alternatives that we could consider, (even after stretching our budget) would possibly be the range of options from Rajpushpa, Aparna, Honer & My Home coming up in and around Tellapur/ Nallagandla/ Gopanpally - roughly in the range of Rs. 7200-7800/ sqft.

	​Urbanrise - The World of Joy	Rajapushpa - Imperia
Rs./ Sq.ft.	​Rs. 6,299/ Sq.ft.	Rs. 7,399/ Sq.ft.
Location	​Miyapur	Tellapur
Distance from Gachibowli Circle	​32 min, 12.5 Km	30 min, 15Km
​ORR Exit	Exit 4A (Mallampet), 15 min	​Exit 2A (Edulanagulapalli), 12 min
​Project Area	10.6 acres + 3.5 acres park by the lake (shared with Phase 1)	24 acres
Towers	5 Towers, 42 + 3 Floors	8 Towers, 40 Floors
Units	2500	3000
Density	​230 units/ acre (~180, incl. park)	​125 units/ acre
Possession	2nd Half, 2027	1st Half, 2026
Master Plan
Affordability	1509 Sq. Ft. 3B2T Unit	1550 Sq. Ft. 3B2T Unit
Total Cost (incl. GST, Registration)	Rs. 1.28 Cr (Rs. 1.4 Cr considering TMV for 1.5 yrs @8% p.a.)	Rs. 1.59 Cr
Down-payment	~ Rs. 12 Lakhs	~ Rs. 15 Lakhs
​10 Yr. EMI	Rs. 112K/ month	Rs. 147K/ month
Interest Payment starts	Aug - 2026 (3 Yr. No Pre-EMI offer)	Aug - 2023