Hyderabad
Hyderabad city is witnessing enhanced demand in the commercial sector owing to expansion of IT industries. The prime areas of the city such as Hi-Tech City, Kukatpally, Banjara Hills and Gachibowli are already saturated and there is hardly any space available. Therefore, the demand has shifted to suburban locations, said Kumar Rajiv from Realty Infra Pvt Ltd. He further added that there has been a surge in the commercial sector from the top multinational companies in the past 6-8 months. Many new companies are interested in commencing their operations from the city apart from the expansion of already existing firms.
According to another city-based realtor, Sandeep Malik from DK Associates, “the Central Business District (CBD) areas have seen an average hike of up to 25% in the rental values of office space whereas the capital values noted an appreciation of 10-15% during the past six months.” The commercial space in the CBD areas is unaffordable these days. This has resulted in development of suburban areas such as Uppal, Pocharam, Tellapur, Miyapur, among others.
The upcoming areas are seeing a very good response from the tenants and the spaces are already pre-leased before possession. Few of the upcoming spaces are KRC Mindspace in Pocharam leased by Genpact, TSI Waverock Phase-2 taken by DuPont and similar other companies such as Silicon IT Solutions, Software Consultancy, ebay Services booking spaces in these areas, says Malik.
The upcoming areas are seeing a very good response from the tenants and the spaces are already pre-leased before possession. Few of the upcoming spaces are KRC Mindspace in Pocharam leased by Genpact, TSI Waverock Phase-2 taken by DuPont and similar other companies such as Silicon IT Solutions, Software Consultancy, ebay Services booking spaces in these areas, says Malik.
Apart from new ventures, the existing companies such as L&T, Cisco, Tata, Infosys are also expanding their business in the city and thus, they need more office space which is only available in the suburban areas, says Arun Pratap from Vaibhav Infra. Availability of quality space at affordable values in the suburban areas along with enhanced connectivity is the major attribute of the commercial growth.
Hyderabad Metropolitan Development Authority (HMDA) is also taking initiatives in improving the transportation services within the city and with the suburbs and has already approved an inter-city bus terminal at Miyapur. On the other hand construction of outer ring road is also in place. It is anticipated that soon the city will have far better connectivity and infrastructure facilities. Hyderabad burgeoning IT sector is not only boosting the city’s economy but also bucking the realty sector by manifolds.