HYDERABAD: The Hyderabad real estate market continued to remain robust, clocking a 32 per cent growth in sales in the third quarter of 2022 and a 19 per cent growth in new projects.
“The strong momentum in demand emanated into an uptick in the supply of new residential projects in the city. 11,000 housing units were launched which registered 19% YoY growth during the quarter. The city also witnessed a healthy surge in price growth with aggregate residential value moving up by 6% YoY during Q3 2022,” said a report of Knight Frank India.
In the commercial market, the report said that Hyderabad witnessed office space transactions of eight lakh square feet during Q3 2022. “The city witnessed new office completions of 33 lakh square feet during the quarter. At an average rent increase of seven per cent YoY, the city recorded the third highest 12 months office rental value growth across eight leading Indian cities during Q3 2022,” the report said.
The availability of the commercial space, the report, was very limited in HITEC City and Madhapur which are the most prominent on the occupier’s radar. “New supply is expected shortly in these business districts which will bolster volumes in subsequent periods.”
Shishir Baijal, the chairman and managing director of Knight Frank India, said, “The consistent growth in leasing volumes along with stable to growing rents depicts the strength of the office market. Large scale hiring in the last 18 months, especially in the IT/ ITeS sector and companies implementing return to office policies is creating incremental office space demand. This is further complemented by pent up demand from 2020–21 which together are propelling office space demand. The momentum seen in the year so far points at annual volumes that could match the record levels seen in 2019.”
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