HYDERABAD: With the real estate sector in the city going in for a major overhaul with RERA notification set to happen before July 30, experts related to the field say rental prices will see a spike from this year.
A quarterly report on Hyderabad’s real estate sector by Colliers International India suggests that Hyderabad will witness a rise in residential rent by 4 per cent in 2017 alone. This could go up by 10 per cent in the next three years, suggest report. Office space vacancy level is estimated to remain at 8 to 9 per cent.
With the government clarifying on the fate of ongoing real estate projects coming under RERA, experts believe commercial hubs, such as Hi-Tech City, Begumpet and Ameerpet would continue to attract tenants with the availability of quality office space still in supply.
The 89 per cent of total leasing volume will be concentrated in this area alone in Hyderabad in 2017, suggest report. “Being the most active market among commercial occupiers nearby, micro markets in the west remain in demand for residential buyers,” said Surabhi Arora, senior associate director, Research, Colliers International India. “Although, RERA is not yet notified in TS, the impact is visible. More are focusing on completion of existing projects. However, we do not foresee any major increase in prices in the near term,” she said.