Real estate may not gain from bullish I.T. biz

Hyderabad: According to a survey conducted jointly by Nasscom and job portal Indeed, at 70 per cent companies preferred to continue with the hybrid office model which involves some part of its workforce working from home and only half of its employees would be working from office at any given point in time.

With at least three in every four IT employees in Hyderabad coming from other cities, an employee working with TCS in Hyderabad said many of his colleagues prefer working from their hometowns instead of coming back to Hyderabad.
Hundreds of properties, which IT employees vacated after the pandemic struck India, still remained unoccupied in western Hyderabad, hinting at the dismal condition of the property rental market.

The Work from Home concept has also affected commercial rentals in Hyderabad. Though the official quotation of rentals remains the same, the landlords are offering huge discounts of upto 50 per cent to interested parties.