6 days Ago By M Srinivas
Hyderabad: IT and Industries D Sridhar Babu on Tuesday announced that the State government aims to make 200 million square feet of grade-A commercial space available in Hyderabad by 2030. He was speaking at the formal inauguration of the "Citizens Global Capability Center," a joint initiative by Citizens Financial Group (USA) and Cognizant Technologies, held on Tuesday in Nanakramguda here. The Minister emphasized that Hyderabad was rapidly evolving into a global business hub, resulting in a significant surge in demand for high-quality commercial space.
Unlike metro cities such as Delhi and Chennai, where demand is tapering off, Hyderabad recorded a remarkable 56 per cent year-on-year growth in commercial space absorption last year- the highest in the country. In the retail sector alone, 1.8 million square feet was leased by various firms in the previous year.
Highlighting Hyderabad’s growing global relevance, he noted that the city currently hosts 355 Global Capability Centers (GCCs) from multinational corporations such as Amgen, Global Logic, Eli Lilly, Marriott, and Cigna, collectively employing over 300,000 professionals. More than 70 new GCCs have been established in Hyderabad within just one year. Sridhar Babu underscored the State’s vision to not only make Hyderabad a hub for GCCs but to also transform them into global value-added centers focusing on innovation, R&D, and product development.
He expressed confidence that Telangana’s contribution to India’s GDP will reach one trillion dollars by 2030. He reaffirmed the State government’s commitment to attracting investments and generating employment for the youth. Criticizing attempts by some to deliberately spread misinformation and discourage investment, he stated that under the leadership of Chief Minister A Revanth Reddy, the government enjoys the trust of the industrial community — with many investors showing keen interest in setting up operations in Telangana.
He extended his gratitude to the leadership teams of Citizens Financial Group and Cognizant Technologies for choosing Hyderabad for their new GCC. The center is expected to create opportunities for over 1,000 IT and data professionals in its initial phase, with the workforce projected to double in the next two to three years..
