City’s Tech Corridor Sees Fastest Realty Recovery – Times Of India

Hyderabad: Slump in the city’s realty market – post the second wave– notwithstanding, Hyderabad recovered phenomenally by the end of 2021, show industry reports. With over 6 million square feet (sft) of office space being absorbed and residential property rates registering a 3% to 5% jump – the only city in India to record a price rise – it scripted the best bounce back story of the year.

The strongest growth corridor: Hyderabad’s IT corridor running through Hi-Tec City-Kondapur-Gachibowli-Narsingi and beyond. City stood second only to Bengaluru that witnessed an office leasing of 7.5 (approx.) million sft during the year. Homes in ‘hitech’ Hyderabad too flew off the shelves, especially between October and December, with over 21,000 units being sold across Hyderabad and Rangareddy. City also saw close to 23,000 new units being — again highest ever recorded in Hyderabad — and a 35% growth compared to 2020. “Availability of land, attractive floor-space-index and a growing appetite of home buyers and investors, led to city’s growth through 2021,” said Samson Arthur, senior branch director, Knight Frank India .

Some industry insiders predict size of Hyderabad’s office market will surpass even Mumbai by 2024. “There is supply in pipeline – across Gachibowli, Kokapet, Nanakramguda, and this surge is unlikely to stop over next two-three years,” said Veera Babu, MD of Cushman & Wakefield. Recent report by Credai and Anarock pointed to this northward trend in commercial sector attributing it to “vibrant IT/ITeS sector and robust infrastructure development”. While stressing how IT-driven-realty growth is most significant along western corridor, Prashant Thakur, Sr Director & Head – Research, ANAROCK Group said it is likely to spill over into Warangal, Karimnagar and Nizamabad.