Hyderabad real estate recovering from Covid hit: JLL-CII report

By Newsmeter Network  Published on  24 Aug 2020 8:40 AM GMT
Hyderabad real estate recovering from Covid hit: JLL-CII report

Hyderabad: In a joint report released by Jones Lang LaSalle (JLL) and Confederation of Indian Industries (CII), it was revealed that Hyderabad's realty sector was making quick recovery from the effect of Covid-19 pandemic. As per the report titled 'Hyderabad Real Estate-A roadmap amongst the Covid-19 crisis', the city performed much better in the first half of 2020 than other Indian cities, and was the first one to revive its economy, post ease of pandemic-induced lockdown restrictions.

The city was able to recover due to a quick resumption of construction activities in May after the lockdown guidelines were eased. Even during the months of lockdown, a number of office buildings and residential projects were registered in the city. Hyderabad led the nation's office supply in the first half of 2020 with a 30 per cent share, thus driving the country's office absorption with an 18 per cent share.

The report also adds that business-friendly schemes of the Telangana government have helped the realty recover its pace. Heads of the corporate body, spearheading the research, said that business-friendly policies helped corporates to maximise their economic output.

Ramesh Nair, CEO & Country Head, India, JLL, added that the ease of doing business helped the city's IT sector grow by 18 per cent in 2019-20. "The city has become a prime destination for India's young workforce, all because of the continuously developing infrastructure that pairs itself with the ease of living," he further added.

Hyderabad, in 2020, has also topped JLL's City Momentum Index (CMI) among 130 major business cities globally. This is the second time since 2018 that Hyderabad has bagged the title.

As for the residential realty, the city has witnessed the highest launches during the lockdown period, with most of them being situated in submarkets of north and east sides of the city. While several migrant labourers did return home from the city, construction activity also resumed gradually.

India, as per JLL's latest Global Real Estate Transparency Index report, is on the path of becoming a transparent economy. This can be tagged with the government's focus on sustainability and wellness.

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