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Phoenix Group, a Hyderabad-based real estate developer, is set to add about 10 million sq ft of built-up office space before March 2020.
Phoenix Group Chief Executive Officer Joe King said: “This year, we expect to complete about 10 million sq ft of office space in Hyderabad and thereby effectively double the total office space we as a group constructed over the past 18 years.”
“We are bullish on the Hyderabad office space market. Apart from a latent pent-up demand for office space, the city has become an attractive destination for setting up offices in the IT and other services segments. Its infrastructure and future potential for growth due to Outer Ring Road, superior connectivity, international airport and congestion-free environment, is attracting more companies to the city,” he said.
During an interaction with BusinessLine, King said: “There is a growing pressure on Delhi and the NCR region and Mumbai for quality office space. Hyderabad has provided the perfect platform for growth for IT and services companies seeking to expand with quality infrastructure and a huge talent pool.”
“Over the years, we had developed 10 million sq ft of office space and in one year we are doubling this. And, we are ready and raring to grow and step up the construction activity in years to come, as demand spikes up,” he said.
The company has been developing all its projects lately using prefabricated steel structures, which are faster to construct and are environment-friendly. All its buildings have been Platinum rated by the Indian Green Building Council. Twenty-five per cent of the material used across its projects are recycled.
Peter Hoey, Programme Director of Phoenix Turner, said the advantage of planning and use of prefabricated steel structures enables us to construct the projects faster. It allows the flexibility in terms of design and also the advantage of bringing about changes.
“All our projects are self-funded and through bank debt and we expect to continue to go about in the same approach,” King said.
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