26/02/2026
PRIME GRADE A IT / OFFICE ASSET
# # Kondapur, Hyderabad — Serilingampally Circle, GHMC Limits
*A Rare, Fully-Constructed, Income-Ready Investment Opportunity*
**ASKING PRICE: ₹450 CRORES** (~₹1,272/sq.ft. on 354,000 sq.ft. Built-Up Area)
EXECUTIVE SUMMARY
We present an extraordinary, fully constructed Grade A IT/Office tower in Kondapur — one of Hyderabad's most sought-after commercial corridors and the beating heart of the city's booming technology ecosystem. This landmark asset commands a dominant presence on the main arterial road, offering unmatched visibility and accessibility to a deep pool of India's most sought-after tech talent.
Spanning approximately 354,000 sq.ft. of premium built-up area across 2 basements, a ground floor, and 13 upper floors on ~9,900 sq.yds. of land, this property represents a plug-and-play opportunity for institutional investors, REITs, family offices, and corporate owner-occupiers seeking a stabilised, trophy commercial asset in India's second-fastest growing major office market.
At the asking price of ₹450 Crores (approximately ₹1,272/sq.ft.), this asset is being offered at a compelling valuation relative to both replacement cost and prevailing transactional benchmarks in the Kondapur–HITEC City corridor — presenting significant scope for near-term yield and long-term capital appreciation.
PROPERTY PROFILE AT A GLANCE
This is a Grade A IT / Commercial Office Building situated in Kondapur, Hyderabad, on a high-visibility main road frontage — one of the most prominent and commercially active arterials in the city's western technology belt. The asset falls under GHMC Limits, Serilingampally Circle, ensuring full regulatory compliance and clear jurisdictional standing under HMDA's urban development framework.
The total land area is approximately 9,900 square yards (equivalent to ~8,268 sq.m.), upon which the structure rises across a total of 16 levels — comprising 2 basements, a ground floor, and 13 upper floors. The total built-up area for the entire facility is approximately 354,000 sq.ft., making this a genuinely large-format, institutional-scale asset capable of accommodating multiple enterprise occupiers or a single large anchor tenant. Parking is a standout feature of this property, with dedicated multi-level basement parking for 425 cars — a capacity that is exceptionally rare for a submarket where parking constraints routinely constrain leasing demand. The main road frontage further offers a premium signage and branding opportunity that few assets in this corridor can match. The asking price is ₹450 Crores, translating to approximately ₹1,272 per sq.ft. on built-up area.
LOCATION & CONNECTIVITY — THE KONDAPUR ADVANTAGE
Kondapur sits at the epicentre of Hyderabad's globally recognised Western IT Corridor, sandwiched between HITEC City and Gachibowli — India's two densest concentrations of technology and Global Capability Centre (GCC) operations. This is not an emerging location. It is an established, prime, and supply-constrained technology district where Grade A vacancies remain remarkably tight.
Kondapur and its adjacent Secondary Business Districts together command a dominant 47% share of Hyderabad's entire commercial office inventory, making it the single largest micro-market cluster in the city. Demand in this corridor is anchored by India's leading IT services firms, Fortune 500 GCCs, BFSI institutions, and emerging flex-space operators.
On connectivity, the asset benefits from direct main arterial road frontage with seamless access to key commuter routes feeding Gachibowli, HITEC City, and the Financial District. The Hyderabad Metro's HITEC City and Raidurg stations are in close proximity, ensuring frictionless last-mile connectivity for the enormous working population this corridor serves. Excellent access to the Outer Ring Road (ORR) connects the asset to Rajiv Gandhi International Airport in approximately 35 minutes and to Hyderabad's peripheral growth corridors. The surrounding ecosystem is fully mature — dense with hospitality, retail, residential, and food & beverage infrastructure purpose-built to serve India's tech workforce making this a genuinely live-work-play environment of the highest order.
HYDERABAD COMMERCIAL REAL ESTATE — MARKET TAILWINDS
Hyderabad has firmly established itself as India's second-largest office leasing market, a distinction backed by extraordinary fundamentals. Total Grade A office stock has surged to 123 million sq.ft. by mid-2025, growing at an industry-leading 9.2% annually — the highest rate among India's top six cities. Net absorption reached 9.11 million sq.ft. in 2024, representing a staggering 52% leap year-on-year, and Q1 2025 alone recorded 4 million sq.ft. of absorption — the highest quarterly volume in five years. HITEC City Grade A rents stood at ₹72 per sq.ft. per month as of Q1 2025, up 9% year-on-year, while citywide rental growth has clocked +12% year-on-year — a figure that underlines the relentless demand-supply tension in this market. GCC-driven absorption accounted for 5.3 million sq.ft. in 2024, or 43% of total leasing activity, and large deals exceeding 1,00,000 sq.ft. constituted 67% of Q1 2025 leasing volume — pointing to a market increasingly dominated by large-format, long-duration, credit-quality tenants. Hyderabad accounts for 12% of India's total office stock and is home to 355+ GCCs in Telangana, reflecting a 54% growth in GCC count since FY19.
Major global institutions — JP Morgan, Wells Fargo, Goldman Sachs, Microsoft, Google, Apple, and DBS Bank — have significantly expanded their Hyderabad footprints, cementing the city's status as India's GCC capital. Telangana's TS-iPASS business facilitation policy and single-window regulatory clearances have further accelerated investment momentum, making the state one of India's most preferred destinations for global corporate real estate decisions.
INVESTMENT RATIONALE — WHY THIS ASSET, WHY NOW
**1. Trophy Address in a Supply-Constrained Micro-Market**
Kondapur's main road premium assets are rarely traded. The combination of a main road address, high-visibility façade, and sub-market adjacency to HITEC City creates a natural moat around this asset's occupancy profile and rental pricing power. When assets of this pedigree do come to market, they attract disproportionate institutional attention — and transact quickly.
**2. Institutional-Grade Physical Specifications**
With 354,000 sq.ft. of built-up space across 16 levels and 425-car parking capacity — a ratio rarely achieved in this submarket — the building is engineered to attract and retain large-format technology occupiers and GCC tenants, precisely the tenant cohort driving 67%+ of Hyderabad's large-deal volume. The structural depth of this asset allows for a wide range of occupier configurations, from single-tenant campuses to multi-tenant stacked arrangements.
**3. Attractive Entry Valuation**
At ~₹1,272/sq.ft., the asset represents a compelling discount to current Kondapur–HITEC City corridor replacement costs, estimated at ₹1,800–2,500/sq.ft. for new construction of comparable specification. This differential offers the acquirer a meaningful margin of safety and significant upside from mark-to-market leasing as the asset is stabilised and rents continue their structural ascent.
**4. Rental Income Potential & Yield Upside**
With Grade A rents in the HITEC–Kondapur belt trading between ₹65–80 per sq.ft. per month and rising 9–12% year-on-year, a fully leased asset of this scale can generate substantial, sustainable gross rental income. Long-term GCC and IT service leases — typically structured with 3–5 year lock-ins and built-in escalation clauses — provide a compounding income engine that is highly defensive in nature and increasingly prized by institutional capital allocators.
**5. REIT-Readiness**
The property's GHMC compliance, Grade A specification, and institutional-scale built-up area make it structurally eligible for REIT inclusion or REIT-like platform strategies. This broadens the potential exit universe significantly for institutional acquirers and creates a credible, liquid exit pathway at a premium to prevailing private market valuations — a rare attribute in the mid-market commercial real estate segment.
**6. India's AI & GCC Supercycle**
Hyderabad is disproportionately capturing India's AI and technology capability centre boom. With 30% of all new GCCs established in India over the last five years choosing Telangana as their base, and with office absorption consistently trending upward quarter after quarter, this asset is positioned squarely in the path of a multi-year structural demand tailwind that shows no sign of abating.
-l ILLUSTRATIVE RETURNS FRAMEWORK
The following indicative scenarios illustrate potential income and capital returns for this asset, based on prevailing Kondapur–HITEC City market rental data and Hyderabad commercial real estate benchmarks. All figures are indicative and subject to due diligence, occupancy assumptions, and prevailing lease terms.
Under a conservative scenario, assuming a leasable area of approximately 3,00,000 sq.ft., a blended rent of ₹65 per sq.ft. per month, and an 80% occupancy assumption, the asset can generate an annual gross rental income of approximately ₹18.7 Crores — representing a gross yield of approximately 4.2% on the ₹450 Crore asking price, with 5-year capital appreciation estimated at 12–15% CAGR.
Under an upside scenario, assuming a leasable area of approximately 3,20,000 sq.ft., a blended rent of ₹75 per sq.ft. per month, and a 90% occupancy assumption, annual gross rental income rises to approximately ₹25.9 Crores — a gross yield of approximately 5.8% on acquisition cost, with 5-year capital appreciation estimated at 18–22% CAGR.
These scenarios are illustrative only, based on Q1 2025 Kondapur–HITEC City rental benchmarks, and should be stress-tested against the acquirer's own underwriting assumptions and lease-up timeline.
IDEAL ACQUIRER PROFILE
This opportunity is well-suited for a focused set of investors and occupiers. Domestic and global institutional investors — including REITs, pension funds, and sovereign wealth funds — will find in this asset a core/core-plus return profile in India's fastest-growing Tier-1 office market, backed by durable fundamentals. Corporate owner-occupiers — particularly multinational technology firms, GCCs, BFSI companies, and IT services majors — will value the large floorplates, exceptional parking infrastructure, and landmark address for a regional or national headquarters. Real estate private equity funds pursuing value-add and opportunistic strategies will see clear upside in lease-up, asset repositioning, and platform aggregation plays within Hyderabad's technology belt. Family offices and ultra-HNIs seeking long-term wealth preservation through high-quality commercial real estate will find the asset's income durability and location credentials compelling. Finally, REIT-platform aggregators building institutional-grade commercial portfolios for eventual SEBI-registered REIT listing will recognise this as a structurally REIT-eligible cornerstone asset that meaningfully de-risks a diversified portfolio.
