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Panjagutta rents rise fast

DC | AMAR TEJASWI
Published Nov 14, 2013, 11:34 am IST
Updated Mar 18, 2019, 6:02 pm IST
Panjagutta had the eighth highest growth in rents in commercial areas in the world.
Picture for representational purpose only.
 Picture for representational purpose only.

Hyderabad: Notwithstanding the clamour over the bifurcation of the state, businesses in pockets of Hyderabad are thriving, as is evident from rentals in commercial areas of the city.

Panjagutta had the eighth highest growth in rents in commercial areas in the world and the second highest appreciation in Asia Pacific, next only to Tshim Tsa Sui in Hong Kong, in a survey of 334 main streets worldwide, although the rents weren’t the highest.

 

Surprisingly, Banjara Hills Road No. 1 was also one of the most expensive commercial streets in the Asia-Pacific region, but saw zero appreciation in rents.

Published research by a real estate firm says that New Delhi’s Khan Market is the most expensive street in the country and is ranked 28th worldwide.

Rents in Hyderabad’s Panjagutta and Banjara Hills Road No. 1 weren’t nearly as high, but the appreciation in these areas is one of the highest in the world. According to the report, Panjagutta had a rental appreciation of 29.2 per cent, ranking eighth globally.

Panjagutta beat famous shopping streets around the world like 5th Avenue in New York, Causeway Bay in Hong Kong, Via Montenapoleone in Milan etc.

In terms of rental appreciation around the world, the city was preceded by locations in Moscow, Paris and Hong Kong. Despite continuous agitations over the past few years for Telangana, retail centres in the city performed impressively.

Panjagutta also had the highest appreciation in the country, followed by South Extension in New Delhi and Park Street in Kolkata. “International brands will continue to vie for the major markets.

However, with availability in the premier locations falling and competition intensifying, Tier 2 cities and pitches will become a focus, with retailers attracted by new growth paths and presence in alternative markets,” the report said.

...
Location: Andhra Pradesh


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