COVID crisis hits Hyderabad’s office market: Knight Frank India

Hyderabad:  After achieving tremendous growth in the last five years, the real estate market in Hyderabad took a big hit due to the COVID-19 crisis.
According to Knight Frank India, Hyderabad recorded over a 40 per cent slump in both office and residential markets during the first half of 2020 (January-June).
It launched the 13th edition of its flagship half-yearly report – India Real Estate: H1 2020 – which presents a comprehensive analysis of the office and residential market performance across eight major cities.
According to the report, office transactions in Hyderabad saw a 43 per cent year-on-year decline to 2.2 mn sq ft. The city also saw a drop of 32 per cent YoY to 2.7 mn sq ft in new office space completions.
Subdued transaction activity arrested the growth of weighted average transacted rentals in the Hyderabad office market to 3.3 per cent YoY.
The report stated that residential sales in Hyderabad witnessed a decline of 43 per cent YoY in H1 2020, whereas new project launches fell by 19 per cent YoY during this period.