Raheja Corp is all set to build the Mall and is keen on spreading its wings in Hyderabad.
Source: telanganatoday.news Dt: 6.5.2017
Source: telanganatoday.news Dt: 6.5.2017
Hyderabad: After redefining the mall culture in the city with Inorbit Mall at Madhapur, Raheja Corp is now all set to come up with similar shopping and leisure facilities in other parts of the city.
The focus now is on the eastern part, where one more Inorbit Mall is being contemplated and the developers are also keen on spreading their wings more in the city. Kishore Bhatija, Managing Director – Real Estate Development, Raheja Corp describes Hyderabad as a real growth city after Mumbai and Pune.
The advantages of Hyderabad are several apart from better infrastructure when compared to other cities, he says. The city has good social infrastructure and qualified manpower, which is what the IT companies prefer most, he further said. Affordability is yet another USP for the city which makes it easy to accommodate migratory population with quality education. “There is good value for money here and quality of education is high and a good crop of professionals come into the market,” Kishore Bhatija points out.
Almost 14 years in the city and a large development under its belt, Raheja Corp has other projects coming up at Nacharam and Shamshabad. On a question to how much built space is expected to be added, he said, “It will depend on our estimation of what market can absorb. It is a capital intensive model. We don’t sell our real estate and since we don’t sell, lot of capital is required to hold. Depending on the volumes picking up, we will construct more,” he explains.
Raheja is also scouting for land in Cyberabad area and bidding for construction of TSIIC’s Image Tower project, which is expected to be an iconic structure.
At Shamshabad, the developer has own space is working on that area and trying to push clientele, who are more value driven. “We are trying to create market for different kind of clientele and they will be mostly low rise units like campus type. One million square feet will be created in the next five to six years,” reveals Kishore Bhatija. On plans for housing projects, he says “IT is bigger priority for us. We do have a housing project in Nacharam. We have already completed 200 units and people have occupied the apartments and another 100 units we will be delivered by December. One more tower of 100 units will be launched shortly and will be completed in 24 months”.
Last year, the off take in terms of space occupancy, particularly IT companies renting space in Hyderabad, has been good. “It has been tremendous and I think it is highest in the history of Hyderabad. The quantum of IT companies off take was highest. Generally, it is around three to four million square feet space across the year but it had increased to six and half million last year,” he said.
Hyderabad has lot more potential waiting to be tapped including availability of land and lot of government lands are coming up for auction. Stating this, Kishore Bhatija adds, “In Bangalore, lands are very difficult to get, besides there are title issues”.
