Jubilee Hills properties in Hyderabad, struggle to get buyers
Jubilee Hills, is known as hot commercial destination by both retailers and corporate bigwigs. A recent study reveals that about 50% of the commercial space in Jubilee Hills is currently lying unoccupied.
Of the 72 buildings constructed over the last three-four years along Road No36, Jubilee Hills, only 33 boast full occupancy.
The rest are either partly-occupied or altogether without tenants. Although the ground floors of most of these buildings have been leased out, pointing to a rush for retail space, the upper storeys have seen few takers.
It attributes the slow absorption of office area to the steep rise in demand for IT parks. Also, most IT clients are looking for furnished spaces, which building owners here are not willing to provide as that entails additional expenses.
High price for the rented properties in Hyderabad which have seen a constant rise over the last two years also leads to the situation.
While the going rate in IT parks, with air-conditioning and power back-up facilities, is about Rs 35 per square feet (sqft) elsewhere, in Jubilee Hills, rentals have already touched Rs 50 per sqft.
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Source: Times of India
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