IT industry drives growth of residential, office spaces in Hyderabad
The residential market in Hyderabad has seen a 23 per cent growth in the first half of 2022. It witnessed sales of 14,693 housing units in first half, the highest for a first half since 2011, according to a Knight Frank India report.
A resilient IT industry has triggered the growth in sales, it said. With new launches of 21,356 housing units, the city reports a growth of 28 per cent over the first half of last year, it said.
The western part of the city continued to dominate the city’s residential space, with a market share of 62 per cent of the total sales during the period.
“Despite the IT sector players deferring expansion plans, IT continued to be the driver industry. Hyderabad’s commercial real estate market has nurtured a diverse tenant base that supported the demand during the first half in a challenging environment,” Samson Arthur, Senior Branch Director (Hyderabad) of Knight Frank India, said.
In terms of office market, the first half remained positive with transaction volumes doubling to 3.2 million sq ft from 1.60 million sq ft in the same period last year.
The IT industry continued to be the driver industry in the office space market as well.
July 06, 2022