Vestian Global Workplace Services predicts the real estate in the aerotropolis zones around Hyderabad and Bengaluru airports to create new infrastructure and jobs, with trends pointing towards all-round growth.
Property development Outlining trends in realty and how these two modern airports are playing a role in developing the infrastructure, Shrinivas Rao, Chief Executive Officer (Asia Pacific), Vestian, said the growth in Bengaluru is driven by the large IT and services segments and in Hyderabad through the strong infrastructure and relatively low cost of real estate.
“We are seeing rapid growth around the airports at Bengaluru and Hyderabad with 25 per cent of the new property addition in the former from that zone. It won’t be long before similar trend is likely to emerge in Hyderabad,” he told BusinessLine .
While the Bengaluru airport accounts for about 8 per cent of the total air traffic in the country, Hyderabad contributes about 5 per cent of the same, he said. Bengaluru and Hyderabad recently crossed the 15 and 10 million-mark respectively in handling traffic thus far during the year.
A study of Bangalore International Airport Limited was completed by the Strategic Advisory Group of Vestian wherein it found that though the real estate development is in a nascent stage, the activity in the government-promoted economic hubs is gaining momentum.
This is already emerging as a real estate hotspot in Bangalore.
While the airport city infrastructure is developing with hotels, services and MRO facilities, the new development based on good Greenfield airports would come from the region around the airports referred to as aerotropolis, he said.
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.