Hyderabad real estate sector attracts $793 million investments
Hyderabad toppled Bengaluru to emerge as the top investment destination in the real estate sector attracting $793 million, ahead of $ 694 million secured by Bengaluru. Mumbai is the favourite investment destination attracting 53 per cent ($2 billion) of total investments, according to a survey conducted by KPMG in association with Naredco and APREA.
These investments were made during January 2018 to September. It said the sector was estimated to grow to $650 billion by 2025 and surpass $850 billion by 2028 to touch $1 trillion by 2030.
Neeraj Bansal, Partner and Head Asean corridor of KPMG in India, said the growth was driven by affordable housing and co-working spaces.
Hyderabad saw a 15 per cent increase in the office space segment to 2.69 million sqft in the first six months of the current calander year from 2.33 million sqft in the corresponding period last year. Rentals are up four to eight per cent over last year to average Rs 53 per sqft now. In some key locations they even touch Rs 65 per sqft, said a report released by real estate consultancy Knight Frank in July.
The trend indicated a good year for the Hyderabad office market as transactions would gather steam in the second half of the year. Hyderabad was turning out to be one of the preferred cities, it said, adding that the demand for office space was more than supply. Hyderabad has been seeing an average of 5,000 residential project launches every six months.