The Hyderabad market is set to register growth in 2024 too.
Hyderabad is emerging as a destination for the real estate sector. It is progressing at a rapid speed in this sector. It registered excellent growth in the real estate sector. However, the experts predict that the city will reach the next level in this regard in 2024.
They predict that Hyderabad will register good growth on a par with the Mumbai and Pune markets. The corporatization in the employment sector is helping the real estate industry grow manifold. Of late, employment opportunities are growing manifold in the strong organised sector. Hyderabad emerged as one of the most attractive destinations for domestic and overseas investors, as the growing city of Hyderabad has an IT sector and also well-developed basic amenities.
The demand for residential units surged in the IT corridor and some other significant geographic locations because of the expansion of the IT and industrial sectors. In fact, Hyderabad is surging in IT. As per the government reports, the Telangana state registered 31 percent growth in IT and ITES exports during 2022–23, attracting the attention of investors. One of the positive factors influencing investors would be the excellent project rollout here. During 2020–21, the unsold units in the inventory were 35,000. However, the city is ahead of other cities in project launches. Policies like TS-iPASS and ICT benefit the real estate market. The rate of completion of projects in the city is 74. It is expected that at least 1.3 lakh houses are going to be built in the next two to three years.
The demand for commercial and office space in Hyderabad is excellent. During 2023, the city market ranked number two in office space occupancy with a share of 21%. The occupancy was set at 4.3 msft. Similarly, 8.2 msft of new office space has been introduced to the inventory during 2023. This corresponds to 34% of the total office space made available in the seven main cities of the country.
The development of basic amenities in Hyderabad, on the other hand, is going on at rapid speed, lending support to the realty sector. The ORR, or Regional Ring Road, projects made the city of Hyderabad a lucrative destination for investors. Further, the city is ahead in adopting modern technology.
The city entered Smart City mode. The city adopted artificial intelligence, OIT, and other modern technology to take the real estate sector to the next level. The city is letting real estate customers taste the feel of AI in the real estate sector. At the same time, it is adopting eco-friendly methods. The developers here are not compromising on building luxurious, sprawling, smart homes. They have been adhering to the priorities of the buyers, putting the real estate sector in Hyderabad on a high road to development.
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