The Hyderabad realty has come out of a subdued business cycle with prices of residential properties poised to go up backed by growing demand for commercial space and properties in the IT hub.
Hyderabad is expected to see a real estate boom in the coming months due to the near-total occupancy of commercial spaces in the city, a top realtor said on Thursday. “Due to investor-friendly policies of the state government, several companies have set up their operations in Hyderabad. With this, A-Grade commercial real estate, which is occupied by the IT and ITeS companies has got absorbed completely. Typically, when A-Grade real estate is absorbed, the demand for residential real estate picks up as new companies create more employment, which will lead to the demand for more residential properties,” Mr P Dasharath Reddy, president of Telangana Real Estate Developers Association (TREDA).
Mr Reddy was speaking on the sidelines of an event to announce “7th TREDA Property Show 2016” from October 14 to 16 at HITEX.
He said the demand for office space is on the rise with several multinational companies like Amazon, Google, Deloitte, JP Morgan, Qualcomm and Uber focusing on the Hyderabad region. Observing that prices in Hyderabad are lower than tier-2 cities in northern India, Mr Reddy forecasted a 10 per cent rise in prices.