Hyderabad: The State government efforts aimed at decongesting Hyderabad by dispersing growth in all directions of the city seems to be yielding results with shifts, albeit subtle, being witnessed in the real estate dynamics.
The ambitious Look East Policy (LEAP) spearheaded by MA&UD Minister KT Rama Rao, is now becoming a reality, with East Hyderabad emerging as the new engine of growth for real estate investors.
According to a recent report by NoBroker, the real estate platform, the IT hub located near East Hyderabad is already home to prominent companies such as Tech Mahindra and TCS, making it an attractive destination for investors. Furthermore, the region’s appeal extends beyond the IT sector, as numerous pharma companies are also setting up shop in the area.
The report projects that the government’s development plans, which encompass 14,000 acres in Phase 1 and an additional 5,000 acres in Phase 2, will generate an estimated 3.5 lakh jobs, further fuelling the growth of the real estate market.
NoBroker’s data reveals around 91 per cent increase in buyers looking to purchase properties in the area during 2023 compared to the previous year. Over 50 new projects have recently been launched in the top localities of Uppal, Nagole, LB Nagar, and Pocharam, cementing this part of the city as a real estate hotspot.
Also, high net-worth individuals (HNIs) are said to be showing a keen interest in commercial properties in these locations. NoBroker claims to have witnessed an 80 per cent surge in queries related to commercial properties from HNIs during FY23, compared to the previous year.
“HNIs are primarily looking to invest in multi-purpose commercial buildings which can accommodate small offices, clinics, showrooms, and restaurants,” Amit Agarwal, CEO and Co-founder of NoBroker.com, told ‘Telangana Today’.
It is a mix of interested buyers who are driving the surge in demand for properties in East Hyderabad. Amit Agarwal said investors were recognising the investment potential in the region and first-time buyers are drawn to more affordable cost of living and excellent connectivity here compared with other parts of the city.
One of the key advantages driving the growth of East Hyderabad is its high occupancy rates. NoBroker’s estimates reveal that the occupancy rate in East Hyderabad typically stands at a commendable 85 per cent. This indicates the attractiveness of these parts of the city as a residential and commercial destination, with people actively seeking to live and work in the area.