Hyderabad: The western part of Hyderabad is expected to witness an addition of three million sq ft office space in next few months. A majority of this demand will be absorbed by mid-size to large corporates.

The rental price in this area is Rs 40 per month per sq ft, which is 12-15 pc lower compared to the commercial market in Bangalore and Chennai. The average rise in rentals here was around 11 pc last year but in the last 3-6 months the price hasn’t rise. The price might rise after the General polls next year.

In terms of housing unit the region was among the preference buy as 40 pc of the workforce travels from the eastern parts and buying a home in this periphery will carry a good value for them. The other avenues in the city have relatively higher rates as compared to the western part.

The buzz in this part is due to global IT and financial institutions, wide and hassle-free roads, directly connected to the international airport. The Centre also gave a green signal for setting up a Rs 200,000 cr IT Investment region, which is expected to hike the property price in the area.

In recent times, there had been a steady 25 pc price hike seen in completed projects and villas in the area. The southern part is also promising good returns for the investors.

On an average every year, Hyderabad has been adding 22,000-26,000 housing units for its overflowing population from different parts of the country.