Given the office space supply crunch in the city prime IT hubs such as Hitec City and Gachibowli, tenants have started leasing spaces in the emerging suburban locations such as Uppal and Pocharam.
Jones Lang LaSalle, the real estate services firm, in its monthly real estate monitor ‘Pulse' for March, noted that Genpact leased space in KRC Mindspace East located at Pocharam in the eastern part of the city.
While overall demand for office space during the month remained moderate, pre-leasing in buildings that are under construction remained strong and DuPont pre-leased space in TSI Waverock's Phase 2. However, the supply crunch in Hitec City and Gachibowli pushed up the rents and capital values marginally over the month, the report said.
The residential demand too remained moderate in the month of March and Aparna Cyberzone located at Tellapur was soft launched. Overall rents and capital values remained stable and few projects that are in the final stages of completion continued to increase prices.
According to the Jones Lang LaSalle report, retailers continued to focus on leasing in high streets and there was no new supply of malls in the month.
Malls that were expected to begin operations in March postponed their plans for a few more months.
On the ongoing infrastructure, it recorded that the Hyderabad Metropolitan Development Authority (HMDA) had approved an Inter City Bus Terminal at Miyapur and the Hyderabad Metro Rail project was almost ready for implementation.
Keywords: real estate, Hitec City
