HYDERABAD: Among the specific locations that are fast emerging as investment destinations in the country include Gachibowli in Hyderabad. A survey by Jones Lang LaSalle on the upcoming investment destinations has listed Gachibowli as the next popular IT/ITES destination of the city after Hitec city.
Gachibowli houses major IT campus developments. While few of these buildings have witnessed pre-leasing by occupiers many of them are expected to witness commitments in near to medium term. The locality witnessed demand mostly from occupiers who opted for SEZ spaces. The IT developments in Gachibowli have attracted various national and local developers to develop their residential projects in this submarket. Currently residential prices are on rise in this submarket and there are new projects being proposed at locations closer to Gachibowli such as Gopanpally, Tellapur and Nallagandla.
Retail in Gachibowli is currently restricted to high streets particularly on Old Mumbai Highway. There are no malls currently operational in Gachibowli. Retailers such as Reliance, Ratnadeep, Café Coffee Day, Subway, Pizza Corner etc. have opened their stores on the Old Mumbai Highway. However the Inorbit Mall at Hitec City is at a distance of 6 km from the submarket. Lanco’s Mega Mall within the Lanco Hills SEZ is launched and it is expected to complete in next three years.
Gachibowli is well-connected by road as the Old Mumbai Highway passes through this submarket. However, the public transport to Gachibowli is not adequate. The Rajiv Gandhi International Airport is well connected to Gachibowli by the Nehru Outer Ring Road. It also houses many educational institutions such as ISB and University of Hyderabad. It has two hotels Hyatt and Regenta One. Continental Hospital is constructing a 700-bed super-specialty hospital in Gachibowli which is expected to be the largest healthcare facility in the city when operational.
Office rents are expected to increase further due to limited supply. Residential sales are also expected to remain strong due to demand from the employees working in surrounding IT/ITeS firms. For retail and entertainment options, Lanco Mega Mall is expected to be operational in the next three years. Availability of land for real estate and infrastructure developments, improved connectivity along with relatively reasonable pricing of real estate than Hitec City submarket is expected to improve the investment potential of Gachibowli in the coming years, says the report.