Is the realty market come back to its own in Hyderabad? Is the demand for the office space growing in the twin cities? Yes, says prominent reality consultancy company JLL India. It's latest report paints a positive picture about the rising interest in the office spaces.
According to the JLL India report, an estimated 19 lakh sq. feet of office space has been leased out during the September quarter. Though the living space selling has not improved, there is an interest in either buying or leasing office space. But, it says that the demand is mainly because of the agreements reached earlier. An estimated 81 per cent of the lease agreements have been reached before this quarter. Also, during the same period, 33.3 lakh sq ft of office space has been constructed during this quarter. This is 40 per cent more than the previous quarter.
However, quite interestingly, there is practically no rise in the rentals. In the June quarter, the per sq ft rental of office space stood at Rs 56.3. In the September quarter, it grew to Rs 56.5, which is a growth of just 20 paise.