Hyderabad’s ambition is not to be Bengaluru, but compete with the best cities in Asia Pacific such as Hong Kong and Singapore as well those across the world, K.T. Rama Rao, Telangana’s Industries and IT Minister, said on Monday.
Opening professional services and investment management firm Colliers India’s new office in Hyderabad, the Minister said this, pointing to how in eight years Hyderabad has grown at a breakneck speed on the back of a thrust on infrastructure development, attracting more investments and turning more business friendly.
“There were times when we could not even do 2 million sq ft per annum [new office space transactions], but now we literally give Bangalore a run for its money,” he said, seeking to highlight how with Telangana formation the landscape changed.
Noting that in the last few quarters Hyderabad outdid Bengaluru in terms of office space absorption and commercial leasing, Mr. Rao said, “We will continue to grow. Our goal is not to be Bangalore. In fact our ambition is to compete with the best in the world, compete with Hong Kong, Singapore, the best cities in Asia Pacific and across the world.”
In Hyderabad, the emphasis is on encouraging new office space development beyond the western parts to eastern and northern fringes for ensuring all round development of the city. “While everybody is focused on western part of Hyderabad... there are plenty of opportunities around the city,” he said. The State government has unveiled a GRID policy in this direction, for facilitating geographically widespread development of Hyderabad through certain incentives. It is also keen on taking IT firms to tier II and III towns such as Warangal, Karimnagar and Nizamabad and towards this establishing plug and play facilities.
Hybrid work model
With COVID-19 showing “geography does not matter, where you work from... and also we need more breathing space,” it is time IT companies figure out a hybrid model, Mr. Rao said. While the essential component of workforce that is required to be in office physically can continue in Hyderabad, others handling functions that can be carried out from any place can be moved to tier II towns by IT companies, he said, urging Colliers leadership to help promote tier II and III towns as well.
CEO, India and MD, Market Development, Asia Colliers Ramesh Nair said new office space addition also translated into more jobs being created in the city. The new office of Colliers has a headcount of 150, which is expected to be increased by an additional 100 in the next few months.
