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WFH driving realty prospects in tier-2 cities of Telangana
Commercial realty prospects are blooming in tier-2 cities of Telangana as well
Hyderabad: Commercial realty prospects are blooming in tier-2 cities of Telangana as well. The real estate experts say that work from home (WFH) option, vibrant IT/ITeS sector and robust infrastructure developments are prime growth drivers of real estate across the State. According to a report released Credai-Anarock, Telangana witnessed Rs. 1.5 lakh crore worth IT exports in financial year 2020-21. As per the report 'Telangana: A State on the Move', there has been a 12.98 per cent rise of the IT export against the FY 2019-20. The state witnessed 2.21 times growth in IT/ITeS exports compared with the national average. More than 6.3 Lakh employees are presently working in the State's IT/ITeS sector.
Prashant Thakur, Senior Director and Head - Research, Anarock Group says, "Currently, IT/ITeS activities are largely concentrated at Gachibowli, Madhapur, and Nanakramguda in Hyderabad. However, Covid-19 changed the working dynamics for the sector as WFH gained universal acceptance and adoption. This may lead to the decentralisation of IT/ITeS companies from tier I to tier II cities due to the latter's rich talent pools. Various companies are already exploring Warangal, Karimnagar, and Nizamabad as the next IT/ITeS destinations."
D Murali Krishna Reddy, President - Credai Telangana said, "Telangana's real estate market is set for growth on the back of sectoral development across the state. Demand and supply have already attained equilibrium in Hyderabad. The State's strong fundamentals and robust infrastructure support the immense potential of the sector. The planned Regional Ring Road (RRR) and the industrial corridors will unlock new land parcels in the adjoining districts and boost overall economic development."
The report has observed that companies are moving beyond Hyderabad, and exploring tier II cities like Warangal, Karimnagar and Nizamabad as alternate IT/ITeS hubs, since these destinations offer cheaper land, sound infrastructure, and a strong talent pool emerging from many professional colleges in the area. As per realty observers, rapid physical infrastructure developments in the past and multiple upcoming mega projects have been key growth factors. These include the expansion of the railway network, greenfield and brownfield airports, industrial corridors, the Regional Ring Road, and Metro rail corridors that may new markets and increase city connectivity.