Commercial Property Market

Hyderabad-based Aparna Construction to invest in Commercial Property Market

News

The Hyderabad-based real estate company Aparna Constructions and Enterprises is planning to invest in the commercial real estate market.

The company plans to construct more than five million sq. ft. of office space and nearly one million sq. ft. of retail projects all across the state of Andhra Pradesh and Telangana in order to boost its growth. According to the sources, this realty firm is likely to invest more than 1,700 crore via debt and internal accurals to finance its retail and commercial venture.

Rakesh Reddy the director at Aparna Construction said that we are basically involved in residential development but for the expansion of company from length to breadth. The company plans to build shopping plaza of nearly 100,000 sq. ft., and their first commercial project is coming up in Hyderabad that will be spread over 500,000 sq. ft.

Reddy also said that the company is also looking to manage financial assistance to commence commercial plans as multinational companies are looking for office space absorption here. The Aparna Constructions and Enterprises already have 10 million sq. ft. of residential projects that are under construction and an additional 15 million sq. ft. is at the planning and development stage.

Most of the multinational companies [MNCs] are looking for office space in the Hyderabad property market. In fact, according to a recent survey, the sale of residential units has seen a major increase from January to September 2018 in comparison to the same tenure of the last year.

In the Q3 of 2018, the commercial office market absorption of Hyderabad was recorded at 2.13 million sq. ft. of gross office leasing in Q3 2018. While considering another survey, over 36.4 million sq. ft. of Grade A office development under several construction stages should increase the total office stock by 60% over 2018-21.