Once serene and sparsely populated, Road No 36 in Jubilee Hills (between the Check Post and Kavuri Hills), has now turned into the city’s most happening commercial hub. As per rough market estimates, this two-km-long (approx) stretch has as much as 12.5 lakh square feet (sft) of office/retail space available currently. Another 3 lakh sft is under construction. Those rushing in to lease space in this upmarket zone include small-sized IT companies, infrastructure and pharma firms as well as high-end retail brands.
Such is the demand that property owners on this road have now revised their rentals with the minimum rate here now being anywhere between Rs 35 and Rs 45 per sft, as against Rs 25-Rs 30 (approx) until recently. “But this is only for the upper floors. The ground floor rates start from Rs 80 per sft and go up to Rs 130-140 per sft,” president, Andhra Pradesh Realtors Association (APRA). Reddy notes there are 50 buildings on Road No 36 available for lease right now, the largest commercial space currently available in a limited stretch in Hyderabad.
If some rue this spate of development on this once quaint `residential’ area, others note that residents themselves have played a crucial role in turning this road into a buzzing commercial hub. “A lot of properties here are owned by politicians or influential businessmen who have leased them out to commercial establishments,” notes a resident, who himself does not support the change of character of this part of Jubilee Hills.
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