Hyderabad :City-based infrastructure developer Phoenix Group has plans to take up multiple office projects in a mix of SEZs and non-SEZ units in the next four to five years. The proposed projects will be around Gachibowli, Nanakramguda and Papulguda areas.
These projects could add about 20 million sft or accommodate about 2 lakh employees. All of these will be grade A IT office space. These are likely to see an investment of about Rs 3,000 crore, said its director Srikanth Badiga.
The company has more than 30 plus clients and it has confirmed repeat orders from multiple clients for expansion. Apart from the office cluster space, one of its clients has also asked for an exclusive campus for its self, he said.
“As a company, we are bullish on Hyderabad. The city has the required infra place to support expansion by IT companies. Telangana’s State Government’s policies will aid in the city expanding. With office space demand, demand for residential as well as retail space will also rise,” said Badiga.
Hyderabad has been seeing office space absorption of about 6.5-7 million sft. The space under development across the industry is typically ten-fold of the absorption.