Hyderabad’s residential sales leads in GCC share in second half of 2023

Hyderabad: Offshore units of multinational corporations, recognised as Global Capability Centers (GCC), increased their share in Hyderabad, accounting for 67 per cent of the leased office spaces during H2, 2023, a rise from the 43 per cent recorded in H2, 2022. Among the top eight cities, GCC’s share in Hyderabad’s office market was the highest, followed by Chennai with 62 per cent while the least GCC traction was reported in Ahmedabad at six per cent.

Knight Frank India’s latest report, India Real Estate - Residential and Office Market Report, cited that substantial take-up by GCCs, especially those outsourcing their IT and back-office operations to the city, played a pivotal role in influencing an overall surge of 32 per cent in annual transacted volume growth in the office market of Hyderabad. The ongoing recovery in the IT sector also contributed to the volume growth.