Commercial Joint Venture Will Impact Residential Property in Hyderabad

As a general rule, once there is increased commercial space in a city the demand for residential property rises. Residential property in Hyderabad is no exception to this rule and the recent partnership between a global real estate developer based in Bangalore with a Hyderabadi group to create a premium commercial property in Hyderabad should lead to more residential developments in the city as well.

The Office Space Proposed

Spread out over 10 million square feet, the proposed office space will be managed by the non-Hyderabadi Bangalore-based partner and by the Hyderabad-based group. More office space will be crucial in Hyderabad to provide office space not only to a large number of new multinationals which have decided to open offices here but also for smaller companies which shall require a presence in Hyderabad to assist and support larger global organisations.

The first phase of the commercial project will be spread out over 3.5 million square feet and is expected to completed by December of next year. The chairman of the Bangalore-based partner has stated that the 50:50 joint venture with the Hyderabadi group is a strategic business accelerator that demonstrates the fundaments of the assets of the Bangalore-based partner.

Hyderabadi Partners Viewpoint

When asked to comment, the Chairman of the Hyderabadi partner stated that since Hyderabad has once again been awarded the title of “The Best Indian City to Live in” it augurs well for commercial real estate in Hyderabad which according to him will receive a boost. Opportunities for office space development is likely to be opened by the bestowing upon Hyderabad the title of most liveable city in India. The Non-Hyderabadi partner’s CEO has stated that by partnering with one of the largest commercial real estate developers in the country it is hoped that the venture will accelerate and drive commercial real estate development in Hyderabad.

The Bangalore Partners Vision

The Bangalore-based partner has stated that the joint venture will provide accretive opportunities, diversify the company’s portfolio, and enlarge the tenant base of the company. It is hoped that the newly built commercial property will lead more companies to lease commercial Luxury apartments in Hyderabad in the upcoming projects. The Bangalore partner already holds a portfolio of 20 million square feet and has assets of 4 billion dollars under management.

Conclusion

As a rule of thumb, more commercial space leads to more employment opportunities and will lead to the same in Hyderabad upon completion of the first phase next year. The upcoming projects in Hyderabad will lead to more employment opportunities and to greater demand for residential real estate.

Post By : Shrikant Sain

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