Hyderabad witnessing robust realty sales

Hyderabad: Hyderabad, owing to world-class infrastructure and the pro-active government, has been at the forefront of the Covid recovery, attracting investments, recording consistent growth in office space absorption, and launch of new residential and commercial projects, said P Ramakrishna Rao, president, Credai Hyderabad.

The unit sales and capital values across micro-markets in the Hyderabad real estate continue to remain robust and are expected to further escalate over the next few quarters, he added.

The growth in the city is further facilitated by the State government's Grid policy promoting IT and industrial corridors all around the city, including non-traditional areas, resulting in Hyderabad being preferred by many MNCs and Fortune 500 companies, Rao explained.

"The city offers the lowest costs of construction, land, and rentals along with a great cosmopolitan culture, availability of skilled workforce etc., making it a preferred place to live and work. It is an ideal time to purchase a property in the city before the prices escalate rapidly," Rao told the media here after announcing the details of Credai Hyderabad Property Show 2021.

Telangana has witnessed IT export growth of Rs 1.25 trillion, with 18 per cent annual growth. Hyderabad's real estate industry has witnessed investments of about $1 billion (Rs 7,254 crore) during 2019-2020 and is expected to see a further surge in investments in the coming quarters, said V Rajashekar Reddy, General Secretary, Credai Hyderabad.

Hyderabad has contributed about 20 per cent of the leasing activity in India in 2020, with large global giants picking up space during the year - 1.18 million sq feet by Wells Fargo, 0.3 million sq feet by Google, 0.25 million sq feet by IBM, 0.24 million sq feet by Smartworks and 0.18 million sq feet by Wipro, among others, he added.

The demand for flexible office spaces has risen after pandemic-induced lockdowns. Companies are weighing a hybrid working model work from home and office amid the need to maintain social distancing to reduce the risk of contracting the novel corona virus, Reddy said.

The city has seen the highest number of launches for residential and commercial real estate, backed by rapid absorption in the last quarter, said Reddy.