More than 60 per cent of the new houses being built will come up in Madhapur, Kukatpally, Gachibowli, Miyapur, Kondapur and Tellapur localities, in the western and north-western parts of the State capital.
These areas continue to be the focus of builders, possibly because of the IT and ITeS units being set up in these localities. According to the Cushman & Wakefield research team, around 40,000 new residential units are expected to be made available in the city in the next three years. A majority of them would be in and around Madhapur and Kukatpally areas.
According to Cushman & Wakefield, most of the residential projects under construction are located in areas such as Madhapur, Gachibowli, Kondapur and Tellapur which could work out to around 42 per cent of the estimated constructions. This is followed by the Kukatpally-Miyapur-Nizampet belt which is set to contribute around 20 per cent of the new residential units.
The estimate for the city’s eastern corridor comprising Secunderabad, Kompally, Uppal and Sainikpuri has been put around 6,000 residential units in next three years.
At the same time, the report highlights an estimated drop of 76 per cent in the total number of new projects launched between January and June 2012 in the city, compared to the same period last year. The drop has largely been attributed to ambiguity in government policy.
Speaking to presspersons here on Wednesday, Sanjay Dutt, Executive Managing Director, South Asia, Cushman & Wakefield, said the recent government orders pertaining to relaxation in land reservation regulation will positively impact the market with increased new launches.
On the commercial office space front, the suburban areas of Madhapur and Gachibowli continue to remain most popular destinations with over 60 per cent of share.
The city retail market witnessed a significant increase in leasing rentals across both mall spaces and high streets. Fresh mall space supply of 2.86 million sft is expected over the next three years.
The Director, South India, Cushman & Wakefield, Naveen Nandwani was also present on the occasion.