Hyderabad real estate better than other cities despite COVID: JLL-CII

Hyderabad: In spite of the ongoing COVID-19 pandemic and induced nationwide lockdown, Hyderabad’s real estate performed better than other cities in Q2 of 2020 reported India’s largest real estate services firm, in association with Confederation of Indian Industry (JLL-CII), on Friday. The city had continued to witness relatively good office leasing and residential sales added the report.

Hyderabad’s formal economy was one of the first in urban India that resumed its stability after lockdown rules were eased, said the report. It further said that the city’s led India’s office supply with a 30 percent share in the first half of 2020, significantly driving the country’s office absorption with an 18 percent share during the same period.

The city reported absorption of 2.1 million sq. ft in H1 2020, which dropped the city’s vacancy rate to 9.2 percent. In residential real estate, Hyderabad witnessed the highest quarterly launches ever during the lockdown period in Q2 2020. 

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“Hyderabad’s resilience comes from the confidence of doing business instilled by the state government. The business-friendly policies of the government have helped corporates leverage the existing ecosystem in the state to maximize output and emerge as the destination of choice,” said Ramesh Nair, chief executive officer and Country Head of the Indian unit of JLL.

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