Realty records rapid growth in Hyderabad

    Realty records rapid growth in Hyderabad
    The Hyderabad city, which has recorded office space absorption level of over 6.5-million sqft in 2016 and is expected to exceed 7.5-million sqft mark in 2017, has targeted to have six million sq ft of mall space in the next three years. The stats made it crystal clear that there‘s a huge growth in residential realty space and the sector recorded a growth of 30 per cent year-on-year in launches of new units. Capital value of residential properties went up 8-10 percent year-on-year in the last three years, said President of Telangana Real Estate Developers Association (TREDA), P Ravinder Rao and added that the demand for residential units saw a growth of 6-10 percent in the last three years. He said this while quoting a research report — The New Face of India‘s Growth Story — was prepared by JLL, a real estate and investment management services firm. The report said that the sector would be benefited by the likely expenditure of Rs.22,784 crore by the State government on infrastructure in Hyderabad. Office rents went up by 23% from the first half of 2014 to the first half of 2017 and in view of this the firm pegged creation of mall space at 6 m sqft and this is based on the plans announced by various infrastructure developers, a JLL executive said.
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