INDIA’S ORIGINAL IT HUB

CONTINUES TO GROW
CBRE RESEARCH | 2018
CONTENTS

03
HYDERABAD:
04 13 15
HYDERABAD HYDERABAD OUTLOOK
THE RE-EMERGENCE REAL ESTATE REGIONAL
OF INDIA’S SILICON OVERVIEW FAVORABILITY
VALLEY ANALYSIS
 HYDERABAD CITY
OVERVIEW

7,257
sq. km.
HMDA*

2nd Largest
Hyderabad ~ on in India
rati
urban agglome

2011 AVERAGE Ranked 144 in

DEMOGRAPHICS

RANKED 1
#

POPULATION LITERACY RATE QUALITY OF LIVING

Hyderabad emerged as IN HUMAN
7.67 Million 82.90% the best in India DEVELOPMENT INDEX
(Hyderabad Metropolitan Region) (Hyderabad Metropolitan Region) (Hyderabad Metropolitan Region) (TELANGANA)
Source: http://www.telangana.gov.in, www.cdma.telangana.gov.in, www.lgdrectory.gov.in, Note: Area as per 2011 Census. | * Hyderabad Metropolitan Development Authority (HMDA)
#
As per the Telangana Socio-Economic Outlook Report 2016

WHAT DRIVES THE CITY

11% Well planned existing and
upcoming infrastructure
HYDERABAD CAGR GROWTH IN
REMAINS ONE PREMIUM/ LUXURY ORGANIZED RETAIL STOCK
OF THE
from 2013-2017; Presence of quality
AFFORDABLE CENTRAL 5% likely to touch educational institutions
RESIDENTIAL
MARKETS WEST 2% approx. 7 mn sq. ft. by 2018
FOR BUYERS Proactive government
OFFICE DEMAND Hyderabad policies
HIGH END/ MID END WITNESSED offers the

CENTRAL 5% 12% lowest rentals

across top
Availability of skilled
talent
WEST 4% markets
5%
in Premium/Luxury segment and Y-O-Y CAGR
High-end/Mid-end segments GROWTH IN in the south
at CAGR (2013 - 2017) Source: CBRE research rental growth (2013 - 2017) Established technology hub
2017
in organized retail
Source: CBRE research

CBRE RESEARCH
This report was prepared by the CBRE India Research Team, which forms part of CBRE Research – a network of preeminent researchers who collaborate to provide real estate market research
and econometric forecasting to real estate.

© 2018 CBRE, Inc. Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and
make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by
CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE.

CIN - U74140DL1999PTC100244
 HYDERABAD 2.0 | INDIA

HYDERABAD:
THE RE-EMERGENCE OF
INDIA’S SILICON VALLEY
How it all began…
Hyderabad was one of the first cities to embrace the Indian IT/ITeS boom and was initially
dubbed “India’s Silicon Valley” in the 1990s and early 2000s. The origins of growth
began with the establishment of the Hyderabad Information Technology and Engineering
Consultancy City (HITEC City) in 1998 in the western part of the city. HITEC City was
intended as a hub for the technology industry and was developed by L&T Infrastructure,
which provided a mix of Built-to-Suit (BTS) and Multi-Tenanted Space (MTS) facilities
for IT occupiers. However, the limited availability of non-litigated land parcels in and
around HITEC City and improved infrastructure prompted the government in 2005
to establish the Financial District, a 150-acre dedicated industrial park designed to
cater to IT/ITeS and financial firms. The district was formed in the Nanakramguda
submarket, which is geographically an extension of HITEC City. Subsequent
years saw the development of campuses by large corporates such as ICICI and
Franklin Templeton. Between 2005 and 2008, a period of formidable growth,
total available commercial office space grew at a compounded annual growth
rate (CAGR) of approximately 23%, to reach more than 23 million sq. ft., with
almost comparable absorption levels.
HYDERABAD REAL ESTATE
OVERVIEW
Office
Over the past decade, the IT/ITeS boom, along with the advent of HITEC City and its surrounding
locations, has transformed Hyderabad into one of the preferred IT destinations for multinational
companies and research and development centres. The city witnessed strong demand for office space
until 2008, when political instability brought about a significant contraction in leasing activity. However,
2015 onwards. The market witnessed a marked recovery in occupier demand on the back of strong
leasing activity, the timely completion of new commercial developments and investment flows across
prominent suburban and peripheral markets.
The resurgence of investment activity coupled with new government initiatives has prompted the revival in
of leasing activity over the past couple of years. The year 2016 witnessed the addition of approximately
6 million sq. ft. of new office supply, the second highest total among India’s main southern cities. The
new supply was mainly concentrated in Hyderabad’s IT and Extended Corridors in the form of IT and
SEZ developments. Also, unsold inventory levels have been on the decline as the city provides quality
space at affordable rentals and better infrastructure, when compared to other IT dominated cities. The
city’s overall commercial stock stood at approximately 56 million sq. ft. as of 2017, which is lowest
among the southern commercial hubs of Bangalore (143 million sq. ft.) and Chennai (63 million sq. ft.),
indicating the city’s strong development potential.

A few hiccups…and then a recovery

In 2009 the city’s growth curve was interrupted by protests demanding
a separate state, which resulted in political and economic instability CHART 1: COMMERCIAL SUPPLY AND ABSORPTION DYNAMICS
and ultimately negatively impacted investment sentiment, leading to
stagnancy in the city’s real estate sector from 2009 to 2014. However,
following the passage of the Andhra Pradesh Reorganization Act, 2014 8 20%
in both houses of Parliament in February 2014 and the creation of 18%
the separate state of Telangana, political stability was restored. The 16%
6
announcement of the new Telangana state with Hyderabad as a 14%

In mn sq. ft.
common capital for both Andhra Pradesh and Telangana for a 12%
span of 10 years, coupled with the inherent strengths of the city— 4 10%
including its status as a prominent IT hub, its strong institutional 08%
base, supportive government policies, large scale infrastructure 06%
2
initiatives and significant demographic dividend—have 04%
propelled economic growth over the past two years. Office 02%
stock in the city nearly doubled from over 23 million sq. ft. in 0 0%
2014 2015 2016 2017
2008 to about 56.3 million sq. ft. by 2017, at a CAGR of
10.5%. Supply Absorption Vacancy %

Source: CBRE Research Q2 2018

3| CBRE RESEARCH © CBRE Ltd. 2018

2016 |4
 HYDERABAD 2.0 | INDIA

Residential CHART 2: RESIDENTIAL SUPPLY, DEMAND AND ASSET PRICES OVER THE LAST FIVE YEARS
The Central Hyderabad micromarkets of Somajiguda, Banjara Hills, Begumpet, and Himayat Nagar ('000 units) ('000 sq. ft.)
have traditionally comprised the city’s residential hub. The spillover of demand has resulted in the 18 07
emergence of newer locations in East Hyderabad such as LB Nagar, Nacharam, and Malakpet. 16 06
Industrial activity in North Hyderabad micromarkets has also led to residential activity in these locations. 14
05
The advent of the IT sector has resulted in the growth of the city towards the Western Hyderabad 12 Supply
10 04
locations of Madhapur, HITEC City, Kondapur, and Gachibowli. Absorption
08 03
06 Capital Value - Central
Table 1: Major Residential Zones 02
04
01 Capital Value - West
02
KEY 0 0 Capital Value - East
CAPITAL VALUES 2014 2015 2016 2017
MICROMARKET RESIDENTIAL OVERVIEW
(INR/ SQ. FT.)
PROJECTS Source: CBRE Research, Q2 2018

The micro-market of Old Hyderabad (such as West Hyderabad’s share of the city’s overall residential stock has increased considerably in recent
Himayat Nagar and SD Road) is characterized years, mainly due to the availability of land parcels and high demand from employees of IT firms,
by unorganized individual dwelling units,
retail shops and premium/ luxury housing who prefer to be located in close proximity to their workplace. This micromarket also provides ample
Central Necklace
developments. Most end-users in the locality social infrastructure and organised retail which has supported its emergence as an attractive residential
Ameerpet, Begumpet, Pride, Welkin
are from the trading fraternity, government destination.
Somajiguda, Jubilee park, The 10,000 – 12,000
sector and bureaucracy. However, the
Hills, Banjara Hills, Residences,
upmarket neighborhoods of Banjara Hills,
etc. Brigade 7
Jubilee Hills, and Begumpet are characterized Emerging Markets
by independent houses and premium / luxury Demand from employees of IT firms and high quality infrastructure is expected to fuel new residential
housing development targeted at affluent end- launches in West Hyderabad in the coming year. Kondapur is likely to maintain its position as the
users and non-resident indian (NRI) investors.
preferred residential district in the area. However, price appreciation will be muted as the market is
already testing homebuyers’ affordability. Other micromarkets including East and South Hyderabad are
Beema
The micro markets of North Hyderabad are
also expected to witness new launches, but south Hyderabad has seen weaker activity due to limited
North Pride,GK
characterized by apartments, plotted layouts, social infrastructure and its comparatively further from the city.
Kompally, Balanagar, Pride, Raheja
villas and independent houses. Residential 2,800-3,000
Yapral, Sainikpuri, Vistas,
activity is driven by industrial clusters around
etc. Aparna
these regions.
Kanopi tulip

East Hyderabad
The location is characterized by unorganized
Nacharam, LB Sri Nivas
residential dwelling units, mid-scale apartment
Nagar, Medipally, Heights,
developments and plotted layouts. The region 2,800-3,200
Saroornagar, Malak- Akruthi Town-
also accommodates spill-over demand from
pet, Bandlagunda, ship
the Central Hyderabad micro markets.
etc.

West Hyderabad Wetern Exoti- The micro market is predominantly

Madhapur, ca, My home characterized by apartment developments
Kondapur, Secun- Bhooja, Golf by both local and domestic players. These 5,000 – 5,500
drabad, Gachibowli, Edge, Ramky projects cater to the requirements of the IT
Nankramguda, etc Kosmos populace and investors.

Provident
South Hyderabad Kenworth,
The residential developments here are
Shamshabad, Atta- Shweta Ary- 2,500-2,800
predominantly villas or plotted developments.
pur, Upperpally, etc. an, Beema
Pride, etc.

Source: CBRE Research, Q2 2018

5| CBRE RESEARCH © CBRE Ltd. 2018 |6

 HYDERABAD 2.0 | INDIA

Retail Table 3: Understanding Retail Markets (High Street)

Retail activity in Hyderabad has traditionally been concentrated in the city centre of Himayat Nagar, RENTS (INR/ SQ.
HIGH STREET KEY BRANDS OVERVIEW
Banjara Hills and Jubilee Hills, all of which are home to numerous shopping arcades and standalone FT./ MONTH)
retail outlets. The Himayat Nagar high street has existed since the 1960s and remains a much sought-
after high street destination. However in recent years, the prime locations of Banjara Road and Jubilee The high street is characterized
Jack & Jones, Lewis, Nike,
Hills have witnessed some correction in rents due to the lack of supply suited to retailers’ requirements, by standalone retail structures,
Himayat Nagar UCB, Tanishq, Hush 130
occupied by local and
leading to landlords reversing their expectations downwards. Puppies, Blackberry, etc.
prominent international brands.

As with all major cities in India, Hyderabad has seen growing demand for high quality organised retail
Features a number of premium/
space over the last decade. The city saw the completion of its first organised retail developments in luxury retail brands supported
2006 with the launch of two malls in Central Hyderabad—City Center and Hyderabad Central Mall— Steve Madden, Celio, by the presence of a high-end
accounting for total of 450,000 sq. ft. of space. The emergence of a sizeable IT workforce with high GAS, Vero Moda, Absolute residential catchment and
Jubilee Hills
Barbeque, Marks & further complemented by a 150
disposable incomes prompted developers to construct several new malls in Western Hyderabad in 2009. Road No. 36
Spencers, Pepe Jeans, number of well-known F&B
Total organised retail space in Hyderabad city stood at 2.9 million sq. ft. as of June 2017, the majority Starbucks, Forever 21 etc. outlets. The under-construction
of which is concentrated in Western and Central Hyderabad. metro corridor is expected to
further improve connectivity.
CHART 3: ORGANISED RETAIL SUPPLY DEMAND DYNAMICS Banjara Hills is an upmarket
(Million sq. ft.)
retail destination located
Mamagoto, Beijing Bistro, close to Jubilee hills. It is also
Banjara Hills
1.0 Mirror, Burger King, Chillis, a preferred destination for 125
Road No. 1
By the Bottles etc. boutique designer outlets. The
0.8 location has a mix of national
and international brands.
0.6
Source: CBRE Research, Q2 2018
0.4

0.2

0
2014 2015 2016 2017
Source: CBRE Research, Q2 2018 SUPPLY ABSORPTION

Table 2: Understanding Organised Retail

MICROMARKET/ RENTS (INR/ SQ.
KEY BRANDS OVERVIEW
MAJOR MALL FT./ MONTH)
Starbucks,
Central Marks & The micro market has three mall developments
Spencers, of which GVK One mall is positioned as a
Banjara Hills and 170
Nike, high-end development with the presence of
Panjagutta Mango, Da prominent brands.
Milano, etc.

Zara, TGIF, The presence of IT infrastructure and large

West Forever 21, residential base led to the development of
Cyberabad and William Penn, organized retail stock viz. Inorbit, Majeera and 150
Kukatpally Karachi Forum comprise of a good mix of national and
Bakery, etc. international brands.

Source: CBRE Research, Q2 2018

7| CBRE RESEARCH © CBRE Ltd. 2018 |8

 HYDERABAD 2.0 | INDIA

CHART 4: HIGH STREET RENTS

(INR/ sq. ft./ month)

150

140

130

120

110

0
2014 2015 2016 2017

Source: CBRE Research, Q2 2018 HIMAYAT NAGAR JUBILEE HILLS ROAD NO.36 BANJARA HILLS ROAD NO.1
Warehousing & Logistics
Over the past decade, Hyderabad has emerged as a major hub for the bio-technology and
pharmaceutical industries, resulting in increased demand for warehousing space. The numerous
CHART 5: ORGANISED RETAIL RENTS
national highways passing through Hyderabad make it a central point for warehousing activity, while
(In mn sq. ft.) Andhra Pradesh's location is ideally suited for the export and import industry. Rents in Hyderabad are
the most affordable in the southern region and occupiers which left the city during the political crisis are
180
once again looking to enter the market.
140
The logistics/industrial market in Hyderabad can be classified into four major corridors: Northern
100
Corridor, Western Corridor, Eastern Corridor and Southern Corridor. The Shamshabad and
Mahabubnagar areas have emerged as major warehousing locations. Close proximity to the airport,
80 lower rents and availability of land parcels have led to the development of large organised warehouses
in the Mahabubnagar area. The government has also enacted an investor-friendly industrial policy,
40 which is attracting investments from other industries such as automotive, electronics, and defence. The
Eastern corridor, comprising the micromarkets of Uppal, Nacharam, Cherlapally and Autonagar, has
0 also witnessed steady demand for warehousing space. However, the prevailing high capital values of
2014 2015 2016 2017
land parcels have restricted the development of new warehouses in this micromarket. Warehouse space
CENTRAL HYDERABAD (BANJARA HILLS, PANJAGUTTA) in this region is mostly in the form of industrial sheds and Reinforced Cement Concrete (RCC) structures.
Source: CBRE Research, Q2 2018 WESTERN SUBURBS (CYBERABAD, KUKATPALLY)

CHART 6: ABSORPTION DYNAMICS

Emerging Retail Trends (In mn sq. ft.)

SPACE OPTIMISATION - In order to accommodate major retail brands amid the limited volume of 1.4
organised supply, several shopping mall operators have optimised store sizes to increase efficiency and
1.2
performance to obtain higher rents.
1.0

NEW SUPPLY - Hyderabad is expected to see the completion of around 3.7 million sq. ft. of new supply 0.8
over the next two years, most of which will be concentrated in the West and Central locations of the city.
0.6
This is likely to alleviate supply pressure and support the entry of more global brands.
0.4
FORMAL RETAIL POLICY - The state government of Andhra Pradesh has become the first state in India 0.2
to introduce a formal retail policy. The policy details benefits for the retail sector in terms of work-hours
0
flexibility, as well as ease of doing business in the retail sector. The policy will create a more conducive 2014 2015 2016 2017
retail environment and will spur retailer and investment activity in the state and city. Also, the government
Source: CBRE Research, Q2 2018 ABSORPTION
plans to allocate land for distribution centers and warehouses will spur demand for retail as well as
e-commerce.

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 HYDERABAD 2.0 | INDIA

Table 4: Understanding Logistics Markets The government’s initiatives to promote industrial activity in the city coupled with demand from
e-commerce retailers to establish Hyderabad as a key logistics hub is expected to fuel demand for
RENTS (INR/ SQ.
MICROMARKET KEY TENANTS OVERVIEW warehousing/ industrial space in the coming years. The growth of e-commerce is likely to further
FT./ MONTH)
accentuate demand for quality warehouse space (as e-commerce players are looking at Grade A
Northern facilities) in the city.
Corridor IKEA, Havels, The Northern corridor is driven by
Kompally, Medchal, Reliance, Bigbasket, demand from FMCG, e-commerce and 14
Toopran & Genome Ratnadeep 3PL players
Valley

Western Corridor It encompasses the micro-markets of

VRL Logistics, Jubilant
Patancheru and Pashamylaram and
Uppal, Nacharam, Life Spaces, Parle
is dominated by pharmaceutical / 12
Cherlapally and Agro, Alkali Metals,
chemical, manufacturing and ancillary
Autonagar  Compass group.
industries.

Eastern Corridor Being located in proximity to densely

Pepsico, Aurobindo, populated residential areas, these
Patancheru, Kirby, Mylan Labs, areas typically attract demand for 20
Pashamylaram and Asian Paints, etc. warehousing space from e-commerce
Sanga Reddy and pharmaceutical companies.

The Southern corridor observed strong

Southern demand (mainly for BTS warehouses)
Corridor Amazon,
from e-commerce and 3PL occupiers.
Flipkart, Solar
Shamshabad, This region gained prominence due 13
Semiconductors,
Fab City, Kothur, to its proximity to the Hyderabad
Natco Pharma, etc.
Adibatla, etc. International Airport, the Outer Ring
Road and the Bangalore highway.
Source: CBRE Research, Q2 2018

CHART 7: RENTAL MOVEMENT

(INR/ sq. ft/ month)

25

20

15

10

0
2014 2015 2016 2017

NORTHERN CORRIDOR WESTERN CORRIDOR

Source: CBRE Research, Q2 2018 EASTERN CORRIDOR SOUTHERN CORRIDOR

The emergence of the e-commerce sector has increased demand for quality warehouse space in the city.
The state’s new formal retail policy wherein the government has plans to allot land to set up distribution
centres and warehouses under the commercial category is likely to have a positive impact on the sector.

Emerging Markets

11 | CBRE RESEARCH © CBRE Ltd. 2018 | 12

 HYDERABAD 2.0 | INDIA

HYDERABAD REGIONAL
FAVORABILITY ANALYSIS
WEST NORTH CENTRAL EAST SOUTH

Both Western and Central Hyderabad

PRESENCE OF remains the most sought after
COMMERCIAL POCKETS destinations for corporate occupiers
looking for expansion opportunity,
owning to the right mix of talent, efficient
FUTURE COMMERCIAL transportation network, proximity to
SUPPLY
organized retail and the presence of
good social infrastructure.
PRESENCE OF
ORGANISED RETAIL With respect to commercial real estate,
the center of IT Corridor continues to
attract high demand from office occupiers
on the back of adequate availability of
RESIDENTIAL
AFFORDABILITY commercial office space at attractive
rentals.

SOCIAL AND PHYSICAL Over the years, locations such as

INFRASTRUCTURE Nanakramguda, Appa Junction,
Narasingi and Nalagandla in western
Hyderabad have turned out to become
UPCOMING emerging real estate corridors due to
INFRASTRUCTURAL their proximity to the Outer Ring Road
DEVELOPMENT
(ORR) and superior connectivity. Also,
existing and upcoming commercial
TRANSPORTATION and residential developments in
AND CONNECTIVITY Nanakramguda (Extended IT corridor)
are expected to further support the
evolution of these micro markets in the
AVAILABILITY OF short to medium term.
TALENT POOL

Source: CBRE Research, Q2 2018 WEST : Gachibowli, Madhapur, Hitech cty, Raidurg | NORTH : Kompally, Secundrabad | CENTRAL: Jubilee Hills/ Banjara Hills, Abids, Begumpet
EAST: Uppal, LB Nagar| South: Shamshabad

13 | CBRE RESEARCH © CBRE Ltd. 2018 | 14

 HYDERABAD 2.0 | INDIA
OUTLOOK
The stable political environment, growing occupier demand, improving
infrastructure and the availability of a large talent pool will support the
growth of the Hyderabad real estate market in the coming years. A general
outlook follows below:
ECTOR
OFFICE S
Commercial office demand is expected to remain strong
and will see upward momentum in 2018-19.
The entry of technology majors such as Google and Apple
is expected to boost the number of leasing transactions.
The increase in office space take-up is likely to be driven
by the consolidation and expansion of IT majors.
The IT sector will remain the demand for office space,
followed by the banking / financial services,
pharmaceuticals and outsourcing sectors. Emerging
sectors include e-commerce and bio-technology.
Approximately 30 million sq. ft. of new office supply is
expected to enter the market in the next three years,
mostly in suburban and peripheral locations of the
city (IT and the Extended IT Corridors). New supply
will consist of high quality investment-grade projects
which are expected to cater to the growing demand
for office space in the coming years.
Solid demand and supply dynamics are expected to
result in rental growth, particularly in core markets
such as the IT Corridor. This growth is likely to be
sustained over the next two to three years,
following which it may begin to taper off.
Occupiers are expected to pre-commit to space in
under-construction developments to safeguard
against any future rental increases.
The IT Corridor will most likely remain the
leading IT hub of Hyderabad. Occupiers may
also shift towards the peripheral Extended IT
Corridor, but only after significant infrastructure
and connectivity issues have been addressed.
15 | CBRE RESEARCH
IL SECTOR
RETA
Increasing activity from retailers coupled
with an improvement in residential demand
is expected to trigger growth in the
organised retail segment.
The city is expected to witness the completion
of about 3.7 million sq. ft. of new
investment-grade shopping mall space. Most
of these developments were constructed by
L&T and are in central locations of the city.
The launch of high quality new shopping
centres is expected to attract retailers,
particularly from the fashion and F&B sectors,
to expand in Hyderabad. The completion of
IKEA’s flagship store could also prompt more
global retailers, both in the single-brand and
multi-brand categories, to consider the city.
Major high streets are expected to see a supply
crunch amid sustained growth in demand from
local and global retailers.
New shopping mall supply is expected to exert
pressure on rents in the organised retail segment,
especially in Central Hyderabad.
High streets will continue to see sustained growth
in rents due to limited supply, particularly those in
popular locations such as Himayat Nagar, Banjara
Hills, and Jubilee Hills.
EH OU SING /GISTICS
R
DENTIAL SECTOR WA
D USTR IAL / LO
RESI IN
SECTOR
The increase in commercial activity (particularly in
West Hyderabad), stable political environment,
The Telangana government recently passed the
relatively lower capital values compared to other tier I
Telangana State Industrial Project Approval and
cities, lower land costs and improved social and
Self-Certification System (TS-IPASS) Bill, which
physical infrastructure will support growth in housing
provides speedy processing and clearance for
demand. The sales market will be mostly driven by
various licenses and certificates required for
end-users.
establishing industries through a single-window
system. This is expected to boost industrial /
New projects by leading developers, particularly in
manufacturing / warehousing growth in and
locations such as Manikonda, Kukatpally,
around the city.
Nanakramguda, and Kondapur are expected to
provide sufficient supply over the next couple of years.
The quality of warehousing space is expected to
improve over the next couple of years owing to
Western and Central Hyderabad are expected to see
the increase in demand for such facilities.
capital value growth due to their proximity to IT hubs.
Demand for industrial space is expected to be
The organic spillover of demand from the CBD to
largely driven by e-commerce, FMCG,
Northern Hyderabad is expected to increase capital
electronics manufacturing, pharmaceuticals and
values marginally in this micromarket.
agro-based industries in locations such as
Kompally and Medchal in Northern Hyderabad,
Most new launches are targeted at the mid-end
and Shamshabad, Adibatla and Fab City in the
segment with all support infrastructure in place.
South.
Launches in the premium / luxury segment are limited
to Central Hyderabad, with fewer small scale launches
Rents along the Northern and Southern
(less than 50 units) expected in the coming years.
Corridors are expected to increase by about 5%
in the coming years.
The availability of large land tracts in Southern
Hyderabad and the proposed IT corridor could result in
an increase in demand for housing projects.
© CBRE Ltd. 2018 | 16
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