IT Minister K Taraka Rama Rao inaugurates Knight Frank India’s new office in Dallas Centre in Hyderabad

Hyderabad: Shri. K Taraka Rama Rao, Minister for IT, E&C MA & UD and Industries and Commerce Department Telangana Government on Wednesday inaugurated Knight Frank India’s new office in Dallas Centre, Knowledge City, strategically located in the premier IT-Hub of Hyderabad.
 
On the occasion of the inauguration of Knight Frank India’s new office, Shri. K Taraka Rama Rao, along with Shri. Jayesh Ranjan, Principal Secretary – Industries & Commence and Information Technology, Telangana Government and Knight Frank India’s leadership, launched the latest flagship research report –WFH, #WorkfromHyderabad, which showcases the changing face of Hyderabad as a leading city in India, with an impeccable investment opportunity. The report presents a comprehensive analysis of Telangana and Hyderabad city, with subject to economy and development, infrastructure, and real estate market.  
 
Shri. K Taraka Rama Rao, Minister for IT, E&C MA & UD and Industries and Commerce Department Telangana Government said, “Telangana, with its immense investment potential, has attracted several global investors in a short period and will continue to do so to make more sustainable and disruptive technologies within the state. Hyderabad has transformed into the new tech hub of India in the last six years. IT sector presence in the city has also transitioned from mere backend operations to primary production and product development services. The city has also seen significant infrastructural development in the recent past, and many are underway for construction. The Mass Rapid Transit System provides robust connectivity in the city. The city’s metro rail project has a distinction of being the world’s largest metro project in the public-private partnership model.”
 
He further added, “As we continue to move ahead with developments and a new business model, the state’s principle and philosophy remain the same. I congratulate the entire team of Knight Frank India for the new office. I express my gratitude to the team, for putting this insightful report, which will be informative for domestic and international investors.”
 
According to the report, since the formation of the state, Telangana's real Gross Domestic Product (GDP) has significantly grown to Rs 6.63 trillion in 2019-2020 from Rs 4.16 trillion in 2014 with a Compounded Annual Growth Rate (CAGR) of 8.08% which is considerably higher than the national real GDP CAGR of 5.7% for the same period. The driver of the state's economic growth has been the tertiary sector (services sector) dominated by the Information Technology (IT) services. Telangana IT/ITeS exports contributed revenue of Rs 1.25 trillion in the year 2019-2020, with 18% annual growth against Rs 1.9 trillion in 2018-19. The city is the second-largest contributor to the revenues from IT exports in the country and is home to global bigwigs like Google, Amazon, Microsoft and Facebook. 
 
Shishir Baijal, Chairman & Managing Director, Knight Frank India said, “In the last few years, Hyderabad has emerged as an important business hub for the country and has seen the entry of global giants into the arena. Our new office in Hyderabad will look at providing various façade real estate investments to the investors looking to tab opportunities based on the state’s economic growth. Besides IT/ITeS, the Telangana government has increased impetus on industries such as pharmaceutical and life sciences, food processing, electronics, and textiles in a bid to diversify its economic interests.”
 
Shishir further added, "Hyderabad is one of the few cities that recorded positive office rental growth of 2% year-on-year (YoY) in Q3 2020, which highlights the strong fundamentals of the office market in the city. Despite the uncertainties in the market due to the pandemic, the city has seen an increase in rental yield. Hyderabad's residential market is fundamentally linked to its IT sector activity; higher the business, stronger is the residential demand.”