Hyderabad May Generate 1 Lakh Jobs, Boost To Housing Demand
Hyderabad is ranked among the top three office spaces in India. The demand for offices is witnessing an increase in Hyderabad. Followed by Bengaluru, the city has witnessed the second largest office space absorption at 7.5 million sq ft. Enjoying lowest vacancy levels, the city is enjoying attention by prominent companies such as Microsoft, Oracle, Uber, Amazon, Google and Deloitte. Areas such as Madhapur, Raidurg, Kondapur, Hitec City and Gachibowli are seeing demand for office space.
India's Largest Office Space in Hyderabad
Amidst this increasing demand for office space, Hyderabad is now about to see one of the largest office spaces in India. Telangana's largest industrial house My Home Group in joint collaboration with RMZ group is about to construct a 10 million sq ft property in Hyderabad. The building is named Sky View and will be based at Hitec City. The project's cost would be more than Rs 6,550 crore ($1billion) and would be equally shared by both the companies.
Project's status
Work on Sky View has started. The first phase of the project has begun. Around 3.5 million sq ft will be completed by December 2018.
Impact on the housing sector of Hitec City
The presence of a number of IT parks and companies such as Oracle Corporation, Patni Computer Systems and GE Capital makes the micro market favoured amongst home buyers. In the last 46 months, the property prices in Hitech City has witnessed an increase of 13.1 per cent. The upcoming office space will further spur the demand for housing in the micro market.
Around 80 sq ft of office space is required per person. This means that office space sprawling over an area of 10 million sq ft will create jobs for around 1,25,000 people. Out of this, demand for housing will be created by around 25 per cent. This number comes out to be 31,250.
Why is Hyderabad enjoying attention by developers and end consumers?
Property prices in Hyderabad are comparatively low. This is the main reason why developers are choosing Hyderabad. The rates of the units in IT corridors are around 15 to 20 per cent less in comparison to the ones in Bengaluru. Also, Bengaluru has reached its saturation point whereas Hyderabad is still a budding city, with ample land bank and having good growth potential.
Second reason is that the condition of road traffic on the streets of Hyderabad is manageable. This is not the case with Bengaluru. Definitely, companies would prefer cities that offer the facility of easy commuting to its employees. This will help the employees to cut on their travelling time helping them to focus on their work.
Apart from the above two points, Hyderabad also enjoys international connectivity. Hyderabad enjoys direct international connectivity to the Middle East, Europe (London) and South East Asia. Moreover, the city is well-linked with domestic airlines linking it to major metro cities throughout India by domestic airlines. Also, the city enjoys smooth rail and road connectivity linking it to the prominent cities of India.
As per a survey by Mercer's Quality of Living Rankings 2017, the city has emerged as one of the best cities in terms of quality of living for the third time in a row.
Also Read: Bengaluru Office Builders Flock to Hyderabad