Hyderabad realty market set to touch 10 million sq.ft
Real estate consultancy CBRE South Asia today said the Hyderabad organised retail market is set to touch 10 million sq.ft by 2019, to be one of the fastest growing markets in the country.
The Hyderabad’s real estate segment has witness to a robust commercial and industrial landscape and there is enhanced activity in the retail segment.
While the organised retail stock is set to touch 10 million sq. ft. By 2019, the commercial office intake in Hyderabad doubled from 3 million sq.ft in 2014 to 6 million sq.ft in 2016 and is projected to cross 7 million sq.ft and possibly hit 7.5 million sq.ft during 2017, making it the fastest growing market in the country.
The realty consultant strengthened its operations in Hyderabad with the launch of a new office, wherein it plans to double it headcount from 700 now in the state.
The expansion is aimed at providing enhanced services to developers, occupiers, Investors and end-users.
After inaugurating the new facility in the IT hub of Hyderabad, KT Rama Rao, Telangana IT Minister said, “CBRE has recognised the potential of the city and is focused on strengthening its footprint here. We would jointly strategise in attracting more corporates looking at Telangana with optimism.”
Commanding market share of over 55 per cent across real estate consultancy covering office, retail, project management and asset services, the consultancy expects to further consolidate its business.
Anshuman Magazine, Chairman, India & South East Asia, CBRE said, “Hyderabad is fast emerging as South India’s realty hotspot. Political stability, the state government’s proactive policies, growing occupier demand, improved infrastructure, quality educational institutions and the availability of a large talent pool have helped bring back attention to the city’s real estate market.”
“Understanding this growing opportunity, we have expanded our presence in the city to provide enhanced services for all our existing and potential clients. With the overall real estate sector witnessing significant growth, a strong track record as well as a robust team of professionals puts us ahead of the curve in terms of effectively addressing the requirements of our clients,” he said.
Traditionally recognized as an office market, Hyderabad is witnessing renewed interest for residential, retail and industrial and logistics space in recent years.