Company feels Hyderabad would be one of five cities would drive the company’s business in the next five years
After a prolonged stagnation, the Hyderabad real estate is all set to enter the boom phase, with big developers from outside the state planning to invest in the city.
Hyderabad: After a prolonged stagnation, the Hyderabad real estate is all set to enter the boom phase, with big developers from outside the state planning to invest in the city.
“After witnessing uncertain times, the business climate in Hyderabad is improving after the formation of Telangana. Global companies are coming back to the city. So we want to be a part of this growth story,” Bengaluru-based Puravankara's managing director Ashish Puravankara told this newspaper.
“We are excited about the Hyderabad market because the city has very good infrastructure. Now, political stability has also come in,” he said. The rentals in the Hitec City, which were in the range of Rs 30-35 sq ft, have increased to Rs 40-45.
He feels that Hyderabad is an underpriced market and will appreciate 10 per cent a year. Currently, the company has a small presence in the city, with a 6.5 lakh square feet project under joint development model. However, the company feels Hyderabad would be one of five cities would drive the company’s business in the next five years.
“As part of our 2020 growth strategy, we have identified Bengaluru, Hyderabad, Chennai, Mumbai and Pune as our core markets for new acquisition,” he said. Over the next five years, he said Puravankara will launch 10 million sq ft of new projects in Hyderabad. Of this, 5 million sq ft would be under the premium affordable housing brand ‘Provident’, while the rest would be under the luxury Puravankara brand.
( Source : deccan chronicle )
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