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The boom in the Hyderabad real estate sector has still not been able to satisfy the growing demand from corporate looking for ready-to-occupy properties. IT and ITes are continuing to drive the market. IT professionals are vying to buy an apartment in Hyderabad.
Moreover, it’s the commercial market which is driving the residential property segment in the city. Hyderabad real estate developers feel that, in next few years BPOs and call centers, software offices and back offices of financial institutions will occupy the maximum space. Property consultants expect the upward trend in prices to continue, even as the State Government frees up land in different parts of the city and the outskirts. Land availability will facilitate the creation of corporate office space.
In Jubilli Hills, central business district of Hyderabad, capital prices of plot range from Rs 80,000 to 2 lakh per sq ft. Retail property in CBDs is around Rs 3,500- Rs 10,000 per sq ft. Multiplex are the trendy and upcoming way of commercial activities ranges from Rs 10,000 per sq ft and goes above. The rental value in this area is Rs 30,000-60,000 per month which is high in comparison to other commercial localities.
Many new commercial projects are on the cards by big national developers. Raheja group has acquired 100 acres in Gundla, Pochampalli, Delhi based DLF has acquired 3 million sq ft land for commercial activities, Godrej Properties will be setting up an IT Park on 34 acres of land at Pattancheru, Parsvanath has a mall-cum- multiplex, and a hotel project coming up in the city, Ramkey group is venturing into commercial development in the city.
Hyderabad properties are fast becoming the preferred choice for investors. The city not only provides quality infrastructure for property investments but also has more than 40 SEZs, approximately 1100 Software IT Parks and campuses, an international airport. Mall culture, new airport and subsidy in stamp duty and registration charges of property are other key factors of high rise in the value of Real Estate in Hyderabad.
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With Hyderabad making great strides in IT\ ITES and BPO it is now a reality that the city has made its mark across the globe. India is now doubt has prominent technology parks spread across several states. And not to mention the wave of SEZ
With the government taking special interest by creating attractive policies that bring investment so that various industries whether IT, manufacturing or other sector industries get benefited.
The growth of the IT industry also brought along with it improvements in the quality of real estate developments. Several builders and infrastructure providers have created office space Hyderabad in the form of technology parks. With these developments, they hope to cater to technology companies by providing the kind of infrastructure they require for their business.
Companies started setting up, expanding, merging and getting acquired. This accelerated the need for hyderabad commercial office space. Companies wanted huge spaces to seat their hundreds of employees; they felt the need to look for large plots of land, instead of being in separate buildings spread all over the city.
The IT-ITeS industry is single handedly driving the real estate boom in India. According to realty experts, IT-BPO companies account for 80% of total commercial space absorption in India.
While most the cities are already witnessing running out of vacant office space this has lead to increase in the rate of office space. All this is making companies who are looking for office space Hyderabad alternative options like moving to places, where it can prove cost effective for companies.
Many companies are looking into tier two areas where the real estate prices are not yet skyrocketing. The reason is the lower real estate prices and good infrastructure besides a more stable pool of talent.
More and more real estate developers are developing commercial real estate and IT parks in less developed area to attract the BPO, IT and ITeS players in search of hyderabad commercial office space.
While if some are making plans to move to less developed cities others are of the view that, moving to tier two cities might be cost effective, but still does not make business sense.
They further feel that the infrastructure that city boasts is far better than what is offered in the tier two cities. They may be cheaper but moving to the smaller cities is not always a good business proposition. So to remain in city or to move to suburbs is more and more becoming attention seeker.
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