Hyderabad: Hyderabad is emerging as an alternative commercial destination to Bengaluru as over half of the commercial space in the city is occupied by IT/ITES companies.
As per a Real Estate Thematic report of Motilal Oswal Financial Services Limited, around 55 percent of commercial space in the city is absorbed by IT/ITES companies.
The report also mentioned that in Hyderabad, the launches will continue to remain higher than demand.
Even the residential real estate sector is bound to see growth due to improvements in affordability.
Moreover, according to a report by the New Indian Express, Hyderabad has seen a rise in hiring and pay hikes over the last few months.
Apart from Hyderabad, Bengaluru and Pune are also IT hubs. The commercial space utilization percentage by IT/ITES companies in these three cities ranges from 45 to 55 percentage.
Largecap companies in Hyderabad
Over the past many years, Hyderabad has transformed into a global tech hub with many top companies, dominated by IT, choosing the city to set up large offices and facilities outside their global base. Companies such as Google, Amazon, Microsoft, Oracle, Deloitte, etc. have set up huge offices in Hyderabad.
KTR invites Tesla
Recently, Telangana Industry and Commerce Minister K.T. Rama Rao invited Tesla CEO Elon Musk to set up the company’s branch in the state.
“Hey Elon, I am the Industry & Commerce Minister of Telangana state in India. Will be happy to partner Tesla in working through the challenges to set shop in India/Telangana. Our state is a champion in sustainability initiatives & a top notch business destination in India,” tweeted KTR.
After KTR, Karnataka has invited the CEO of Tesla to set up its plant in Bengaluru considered as the Silicon Valley of India.
Murugesh Nirani, Minister for Large and Medium Industries, took to Twitter to invite electric major Tesla to start operations from the state.