New growth engine emerges in region; buyers up 91%: report
Published Date – Thu, 25 May 23 at 08:00 AM
Hyderabad: The state government’s efforts to ease traffic congestion in Hyderabad by spreading growth in all directions of the city appear to be bearing fruit, as witnessed in real estate dynamics, albeit minor changes.
The ambitious Look East Policy (LEAP) spearheaded by MA&UD Minister KT Rama Rao is now becoming a reality and East Hyderabad is emerging as a new engine of growth for real estate investors.
According to a recent report by real estate platform NoBroker, the IT hub near East Hyderabad has already housed big names such as Tech Mahindra and TCS, making it an attractive destination for investors. Furthermore, the area’s appeal goes beyond the IT industry, as many pharmaceutical companies have set up shop in the area as well.
The report predicts that the government’s development plan, which includes 14,000 acres of land in the first phase and 5,000 acres in the second phase, will create an estimated 350,000 jobs, further boosting the growth of the real estate market.
Figures from NoBroker show that there will be around 91 per cent more buyers looking to purchase property in the region during 2023 compared to the previous year. More than 50 new projects were recently launched in top areas of Uppal, Nagole, LB Nagar and Pocharam, cementing the city’s status as a real estate hotspot.
In addition, high net worth individuals (HNI) are said to be showing strong interest in commercial real estate in these areas. NoBroker claims commercial property-related inquiries from high-net-worth individuals surged by 80% during FY23 compared to the previous year.
Amit Agarwal, CEO and co-founder of NoBroker.com, told Telangana Today: “HNI is mainly looking to invest in mixed-use commercial buildings that can accommodate small offices, clinics, showrooms and restaurants.”
A group of interested buyers is driving a surge in demand for properties in East Hyderabad. Amit Agarwal said investors were recognizing the investment potential of the area, which was attracting first-time buyers with its more affordable cost of living compared to other parts of the city and its accessibility.
One of the main strengths driving the development of East Sea Derabad is its high occupancy rate. NoBroker’s estimates show that East Hyderabad typically has a respectable occupancy rate of 85%. This demonstrates the attractiveness of these areas of the city as residential and commercial destinations, with people actively seeking to live and work in the area.
