Hyderabad: Knight Frank India, a property consulting firm, in collaboration with the Confederation of Indian Industry (CII), has put Hyderabad among the top 10 fastest-growing Indian cities and has predicted a massive surge in its GDP.
According to its recent report, there has been a remarkable 8.47% year-on-year (YoY) increase in Hyderabad’s economy. It was also noted that the city’s GDP in 2018 stood at an impressive USD 50.6 billion in constant 2018 prices, a figure projected to jump to a staggering USD 201.4 billion by 2035.
The report, titled “India Real Estate: A Decade From Now 2024,” analyses the potential of the economic and real estate sectors over the next decade.
It claims that one of the significant catalysts propelling India’s meteoric rise is the approach of real estate investment trusts (REITs), injecting vital liquidity into the market and attracting a diverse range of investments from both domestic and international sources.
The portfolio of Indian REITs showcases Hyderabad’s prominence, with entities such as Mindspace Business Parks REIT boasting a substantial 14.1 million square feet of space in the city.
In addition, the Nexus Select Trust Retail REIT portfolio contributes significantly with 0.8 million square feet.
Highlighting Mumbai’s dominant position with a staggering USD 24.9 billion in investments since 2004, closely followed by the National Capital Region (NCR) securing USD 11.7 billion, the report also shed light on the major cities’ investment landscape.
“The top five positions were further solidified with the inclusion of three key IT hubs and emerging IT centers. Bangalore, Pune, and Hyderabad collectively attracted USD 20 billion in price earning (PE) investments, primarily fueled by the high demand for IT-centric spaces within these urban centers,” the report said.
The report also noted that Hyderabad accumulated a total of USD 4.836 billion in PE investments since 2004.
