HYDERABAD: The city’s growth in dispersion (GRID) policy, aimed at expanding the IT industry to the non-western parts, could result in an addition of 35-40 million square feet of grade A space within the next five years, according to real estate consultancy company JLL. This dispersion across the non-western corridors will allow Hyderabad to retain its cost-competitiveness among the top office markets in India.
The city is already the fourth biggest office market in the country behind Bengaluru, Mumbai, and Delhi in grade A office stock with 90.4 million square feet by the end of 2021, standing on the cusp of becoming a 100 million square feet office market by the end of this year, according to the report. With the city’s office market performing significantly well over the past five years both in terms of office stock growth and increase in occupied space, Hyderabad witnessed a grade A office stock increase by 81 per cent between 2016 and 2021, making it the fastest growing office market in the country.
“The state government has been quite far-reaching in its efforts to attract investments and most of them find their way to Hyderabad. The government has also smartly identified the need for creating a dispersed development plan for the entire city, in the GRID Policy. The primary idea being dispersal of the IT industry on the non-western sides of the city – largely north and towards east at Uppal, and towards the Shamshabad growth corridor,” said Sandip Patnaik, managing director, Telangana and Andhra Pradesh, JLL.
