Hyderabad realty sector pips peers

NEW DELHI:  Despite the Covid-19 induced nationwide lockdown, Hyderabad’s real estate performed better than other cities in Q2 of 2020, and it continued to witness relatively good office leasing and residential sales, said a joint JLL-CII report on Friday. 

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

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

“Hyderabad’s resilience comes from the confidence of doing business instilled by the state government. The business-friendly policies of the government has 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.