Flourishing IT business leads to rise in rentals in Hyderabad
The steady influx of business along the IT corridor coupled with strengthening of the Metro network, has led to a significant rise in residential rentals in the city. While the western belt, housing the IT/ITeS sector, has witnessed maximum growth, increasing demand for homes has now spilled onto other pockets as well – areas on the fringes of the ‘hi-tech’ belt as well as the eastern stretch of Hyderabad.
According to surveys conducted by various industry bodies, some places attracting high rentals include Bachupally, Rajendranagar, Narsingi (around the IT belt), Uppal, Nagole, LB Nagar (east). Areas such as Gachibowli, Hi-Tec City, Kondapur and Banjara Hills continue to rule the roost.
This trend is likely to continue over the next few quarters, with the top rental destinations witnessing a 5% to 7% growth.