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Hyderabad is expected to have six million sq ft of mall space in the next three years. Office space absorption crossed the 6.5-million sq ft mark in 2016, and is ecpected to exceed 7.5-million sq ft mark in 2017.
“There’s a huge growth in residential space. The real estate sector saw a growth of 30 per cent year-on-year in launches of new units. Capital value of residential properties went up 8-10 per cent year-on-year in the last three years,” said P Ravinder Rao, President of Telangana Real Estate Developers’ Association (TREDA).
Releasing a report on the state of real estate sector in Telangana on Tuesday evening, he said the demand for residential units saw a growth of 6-10 per cent in the last three years.
The 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 ₹ 22,784 crore by the State government on infrastructure in Hyderabad.
“Office rents went up by 23 per cent from the first half of 2014 to the first half of 2017. We peg creation of mall space at 6 m sq ft, on the plans announced by various infrastructure developers,” a JLL executive said.
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