Tuesday, June 25, 2024

Hyd witnesses lopsided real estate development

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PNS|Hyderabad

Lopsided development continues in Hyderabad with most demand and supply limited to the Western part of the city.

West Hyderabad, consisting of Madhapur, Kokapet, Gachibowli, etc. dominated demand and supply in Hyderabad with an approximately 60% share in product launches and absorption.

As per a report by Motilal Oswal, South Hyderabad (near the airport) is expected to gain traction after the launch of the Prestige City in Shamshabad. Around 92% of the supply was concentrated in HITEC City and Financial District as demand remained high in these regions.

As per the real estate report for Hyderabad, demand is steady but there is a rapid increase in supply key concerns.

The market has traditionally been anchored by the IT sector, which accounted for a 30% plus overall share, driven by large-scale deals inked by IT giants.

The secondary business district micro-market dominated occupier interest during CY22, accounting for a massive 75% share of overall leasing.

While demand remains steady, the city witnessed a sharp increase in new supply as office completions saw a more than 200 per cent jump in CY22, a decadal high.

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