Commercial Property for Sale in Gachibowli Hyderabad | 2026 Buyer's & Investor's Guide — KLM Projects
⚡ Quick Answer — Featured Snippet

Commercial property for sale in Gachibowli Hyderabad ranges from ₹9,000–₹17,000 per sq ft for Grade A office space to ₹20,000–₹50,000 per sq ft for retail/showroom frontage in 2026. Gachibowli sits inside Hyderabad's largest office belt alongside HITEC City/Madhapur and the Financial District, home to Microsoft, Deloitte, Amazon and other MNCs. Average Grade A office rent here is ₹72 per sq ft/month — a real discount to Madhapur's ₹105.5 — while commercial rental yields of 6–10% (up to 12% for pre-leased space with strong tenants) far exceed residential yields of 2–4%. Hyderabad logged its strongest-ever Q1 with 3.15 million sq ft leased in Q1 2026 and citywide vacancy has fallen to 20.22%. Verify TG-RERA registration at rera.telangana.gov.in and HYDRAA/FTL buffer-zone clearance before booking. Stamp duty is 4% + 0.5% registration + 1.5% transfer duty ≈ 6% of market value.

📌 TL;DR — Key Takeaways
  • Gachibowli sits inside the HITEC City–Madhapur–Financial District office belt, home to Microsoft, Deloitte, Amazon and more
  • Grade A office (strata sale): ₹9,000–17,000/sq ft | Retail/showroom: ₹20,000–50,000/sq ft
  • Average office rent: ₹72/sq ft/month — a cost advantage vs Madhapur's ₹105.5 (Cushman & Wakefield, Q1 2026)
  • Hyderabad logged its best-ever Q1 office leasing in 2026: 3.15 MSF, up 21.6% YoY; citywide vacancy down to 20.22%
  • Commercial rental yields run 6–10% (pre-leased Grade A up to 12%) vs 2–4% for residential
  • ~11 MSF of new office supply lands in Gachibowli and Madhapur through the rest of 2026 — a near-term entry-price window
  • Always verify TG-RERA registration and HYDRAA/FTL buffer-zone clearance before booking
  • KLM Projects offers RERA-verified office, retail and pre-leased commercial listings across Gachibowli

1. Why Gachibowli Is a Top Commercial Corridor in 2026

Gachibowli is one of the three micro-markets — alongside HITEC City/Madhapur and the Financial District — that together account for roughly 70% of Hyderabad's total Grade A office supply. It's not a satellite of the IT corridor; it's one of its anchors, home to Microsoft's Hyderabad office, one of Deloitte's largest global delivery hubs, and campuses used by Amazon, Google-area occupiers, Infosys, Wipro and Accenture.

📍 Location Advantages That Drive Demand

DestinationDistanceTravel Time
HITEC City~5 km12–18 min
Financial District (Nanakramguda)~3 km8–12 min
Raidurg Metro Station (Blue Line)4–6 km10–15 min
Outer Ring Road (ORR) AccessDirectConnects Kondapur, Kokapet, airport
ISB / University of Hyderabad / IIIT-H2–4 km5–10 min
Kondapur~4 km10 min
Rajiv Gandhi International Airport~28–30 km via ORR35–45 min

🏗️ Infrastructure Fuelling Growth

Hyderabad's office market posted its strongest-ever first quarter in 2026: 3.15 million sq ft of gross leasing (up 21.6% YoY), with net absorption of 2.21 million sq ft even though no new supply was completed that quarter. Citywide vacancy has compressed to 20.22% — its lowest level in 15 quarters — while average office rents rose 11.6% YoY to a record ₹92.2 per sq ft/month. Gachibowli itself is also absorbing a large share of the ~11 million sq ft of fresh Grade A supply expected through the rest of 2026, alongside Madhapur. On connectivity, Gachibowli is set to get its own station under Hyderabad Metro Phase 2, a ₹24,200-crore, ~76.4 km expansion on the Miyapur–Kondapur–Gachibowli–Raidurg corridor that the Telangana government has been progressing through 2025–26.

👥 Who Buys Commercial Property in Gachibowli?

🏢 IT / GCC Delivery Centres
🌍 NRI & HNI Investors (Pre-Leased)
🛍️ Retail & F&B Brands
💻 Co-working & Flex Operators
💼 Corporate End-Users
📈 Long-Term Income Investors

2. Commercial Property Prices in Gachibowli: 2026 Breakdown

Based on active listings across leading property portals and Cushman & Wakefield's Q1 2026 office market data, here is the most accurate pricing landscape for Gachibowli commercial property in 2026.

Market Update (Q1 2026, Cushman & Wakefield): Hyderabad's stock-weighted average office rent rose 11.6% YoY to a record ₹92.2/sq ft/month. Madhapur led at ₹105.5/sq ft, while Gachibowli offered a cost advantage at ₹72.3/sq ft — meaningful for both occupiers choosing where to lease and investors pricing entry yield. Citywide vacancy narrowed to 20.22%, the lowest in 15 quarters, even as ~11 MSF of fresh supply is landing in Gachibowli and Madhapur through the rest of 2026.
Small Office Unit
₹45L – ₹1.4 Cr
₹9,500–12,000 / sq ft
300–1,200 sq ft
Mid-Size Office Floor
₹1.4 Cr – ₹6 Cr
₹10,000–14,000 / sq ft
1,200–5,000 sq ft
Retail / Showroom
₹80L – ₹8 Cr
₹20,000–50,000 / sq ft
300–1,500 sq ft
Full Floor / Pre-Leased Asset
₹6 Cr – ₹25 Cr+
₹9,000–17,000 / sq ft
5,000–40,000+ sq ft

⚖️ Ready-to-Move (OC-Issued) vs Under-Construction

FactorReady-to-Move (OC Issued)Under-Construction
GSTExempt — no GSTEffective ~12% (18% net of land, with ITC)
Rental IncomeImmediate (if pre-leased/tenanted)Only after completion & tenanting
Risk LevelVery lowModerate — construction & leasing-up risk
Price Entry Point10–15% higher, but de-riskedPre-launch pricing available
Legal OccupancyOC & Fire NOC already in handExpected at completion

🏗️ Bare Shell vs Warm Shell vs Pre-Leased

FactorBare ShellWarm Shell / FittedPre-Leased
What's IncludedStructure only — no flooring, AC, ceilingFlooring, HVAC, ceiling, electricals readyFully fitted with an existing corporate tenant
Entry PriceLowestModerate premiumPriced on yield, not just per sq ft
Time to IncomeLongest — fit-out + leasing requiredFaster — fit-out done, tenant search neededImmediate — rent starts day one
Best ForOwner-occupiers building a custom officeBusinesses wanting quick move-inInvestors seeking passive rental income

💰 Additional Costs to Budget

Cost HeadAmount / Rate
Stamp Duty (Telangana, urban)4% of market value
Registration Charges0.5% of market value
Transfer Duty1.5% of market value
Total Registration Cost~6% of market value (commercial can run marginally higher — confirm at the SRO)
GSTNil if OC issued; ~12% effective if under construction
CAM / MaintenanceVaries by building grade — confirm with developer/facility manager
Car ParkingTypically sold per covered bay or bundled into chargeable area
Fit-Out (if bare/warm shell)Quoted separately by interior contractor, spec-dependent

3. Top Micro-Zones for Commercial Property in Gachibowli

Gachibowli isn't one uniform commercial strip — different stretches suit different buyer profiles, from prime IT-park frontage to more affordable, land-rich pockets.

Most Established

Gachibowli Main Road / ORR

₹9,500–14,000 / sq ft

Direct ORR access, the widest mix of Grade A office towers and ground-floor retail. Best all-round choice for both owner-occupiers and investors seeking liquidity.

Dense IT Corridor

Wipro Circle – Kothaguda Belt

₹9,000–13,000 / sq ft

Sits at the Gachibowli–Kondapur–Madhapur junction, amid some of the city's densest corporate tenancy. Strong pull for co-working and mid-size office buyers.

Ultra-Premium

Nanakramguda Fringe (Financial District Doorstep)

₹12,000–17,000 / sq ft

Walking distance to Google, Amazon, Microsoft and JPMorgan campuses. Highest rents and the tightest vacancy in the wider Gachibowli belt — best for pre-leased, income-focused buyers.

Value / Growth

Gachibowli–Miyapur Stretch

₹9,000–11,500 / sq ft

More land availability, larger floor plates and warehousing potential at a lower entry price. Best for buyers prioritising size and future upside over immediate address prestige.

4. Types of Commercial Property Available in Gachibowli

TypeTypical SizePrice PositioningBest For
Grade A Office (Strata Sale)300 – 50,000+ sq ft₹9,000–14,000/sq ftCorporate end-users, HNI investors
Pre-Leased Office (Tenanted)1,000 – 20,000+ sq ftPriced on yield (6–12%)NRIs & income-focused investors
Retail Shop / Showroom200 – 5,000 sq ft₹20,000–50,000/sq ftRetail brands, F&B, showrooms
Managed / Co-working SpacePer-seat lease₹6,000–10,000/seat/month*Startups, small & growing teams
Commercial Land / Built-to-Suit PlotVaries (acres)Premium over residential land, subject to FSIDevelopers, large corporate occupiers

*Managed/co-working space is a lease product, not typically available for outright purchase.

5. Building Specifications & Business Infrastructure

🏢 Standard Grade A Specifications

⚡ 100% DG Power Backup
❄️ Centralised HVAC
🛗 High-Speed Elevators (Multiple Banks)
🚘 Ample Basement Parking
📐 Large, Column-Free Floor Plates
🧯 Fire NOC & Sprinkler System
📷 CCTV & Access Control
🌐 High-Speed / Redundant Fibre
🍽️ Cafeteria / Food Court

✨ Premium Add-Ons (Grade A+ Segment)

🌿 IGBC / LEED Green Certification
⚡ EV Charging Stations
🏙️ Rooftop Amenity Deck
💼 Business Lounge / Conferencing Suite
🧘 Wellness & Gym Facility

🏫 Business & Social Infrastructure Near Gachibowli

CategoryOptions NearbyDistance
Anchor EmployersMicrosoft, Deloitte, Amazon, Infosys, Wipro, AccentureWithin Gachibowli
Academic InstitutionsISB, University of Hyderabad, IIIT-Hyderabad2–4 km
HospitalsContinental Hospital, AIG Hospitals, Medicover2–8 km
Business HotelsITC Kohinoor and other 5-star properties in Raidurg/Financial District3–6 km
BanksSBI, HDFC, ICICI, Axis Bank1–2 km
Metro (Current)Raidurg Station (Blue Line / Financial District corridor)4–6 km
Metro (Planned)Gachibowli Station — Hyderabad Metro Phase 2Within locality

6. Step-by-Step Process to Buy Commercial Property in Gachibowli

  1. 1

    Define Budget, Purpose & Loan Eligibility

    Decide upfront whether you're buying for self-use or rental income. Commercial property loans typically carry a lower loan-to-value ratio (60–75%) and marginally higher interest rates than home loans. Factor in the ~6% registration cost and applicable GST before setting your ceiling.

  2. 2

    Shortlist RERA-Registered / Verified Assets

    Verify TG-RERA registration on rera.telangana.gov.in for every project before paying a token amount. For pre-leased units, request the existing lease deed and review tenant profile, lock-in period and escalation clause before making an offer.

    https://rera.telangana.gov.in/
  3. 3

    Legal & Regulatory Due Diligence

    Check the Title Deed, HMDA/GHMC-approved building plan, Commencement Certificate, Occupancy Certificate and Fire NOC. For land or standalone buildings especially, verify the plot's FTL/buffer-zone status via the HMDA Lakes Portal or Dharani — HYDRAA enforcement has made this a critical check, and commercial structures have faced stricter scrutiny than pre-2024 residential ones. Hire an independent property lawyer, not the seller's advocate.

  4. 4

    Negotiate, Book & Execute Agreement

    Pay a booking amount and get the chargeable area, CAM charges, car-park allocation, and — for pre-leased space — the existing lease terms written into the sale agreement. Negotiate on payment structure as well as headline price.

  5. 5

    Loan Sanction & Disbursement

    Submit ITRs, business financials, bank statements and property documents. For pre-leased property, many lenders factor in the existing rental income while assessing eligibility. SBI, HDFC, ICICI, Axis and LIC Housing Finance are among the lenders active on Hyderabad commercial deals.

  6. 6

    Registration at Sub-Registrar Office (SRO)

    Register after full payment. Stamp Duty 4% + Registration 0.5% + Transfer Duty 1.5% = ~6% of market value (confirm the exact commercial rate at the SRO). Confirm GST applicability — nil if the Occupancy Certificate is already issued — before your final payment.

7. Myths vs Facts About Buying Commercial Property in Gachibowli

❌ Common Myth✅ The Actual Fact
"Gachibowli is mainly residential, not a serious commercial address"It's one of three micro-markets that hold ~70% of Hyderabad's Grade A office stock, home to Microsoft, Deloitte and Amazon.
"Only companies can buy commercial property, not individuals"Individuals, HNIs and NRIs can buy commercial units directly — no business registration required.
"You have to occupy the property yourself before renting it out"Many buyers purchase pre-leased space with an existing corporate tenant already generating rent from day one.
"Commercial property is illiquid and hard to resell"Pre-leased Grade A assets with strong tenants in IT corridors are actively traded among HNI and institutional buyers.
"GST makes every commercial purchase expensive"Ready-to-move property with an Occupancy Certificate is fully exempt from GST — only stamp duty and registration apply.
"Office rents in Gachibowli match Madhapur/HITEC City"Gachibowli rents run notably lower — ₹72 vs ₹105.5 per sq ft — a real cost advantage inside the same corridor.

8. Common Mistakes Commercial Buyers Make in Gachibowli

01

Not Verifying Lease Documentation

For pre-leased assets, skipping a close read of the lock-in period, escalation clause and tenant's payment history is one of the costliest mistakes an income investor can make.

02

Ignoring CAM Charges

Common Area Maintenance charges and their escalation are quoted separately from rent and can meaningfully change your net yield — always ask for the CAM history, not just the current rate.

03

Confusing Chargeable Area With Carpet Area

Commercial loading factors (30–40%) run higher than residential. Always compare per-sq-ft prices on carpet area, not the chargeable/super built-up figure.

04

Skipping FTL / HYDRAA Verification

For land or standalone buildings, not checking buffer-zone status before booking is a serious risk — HYDRAA has shown it will act on commercial structures in violation.

05

Assuming GST Without Checking OC Status

Buyers sometimes budget for GST on a property that's actually OC-issued and exempt — or the reverse. Confirm the certificate status before finalising your budget.

06

Underestimating Financing Differences

Commercial property loans are not home loans — expect a lower LTV and a marginally higher rate. Get pre-approved early rather than assuming residential terms will apply.

9. Expert Tips for Buying Commercial Property in Gachibowli in 2026

💡 Pro Tips from KLM Infra Projects' Advisors
  • Prioritise pre-leased assets with rated tenants: A long lock-in with a known corporate tenant reduces vacancy risk far more than a marginally higher headline yield on a vacant unit.
  • Use the current supply wave to negotiate: With ~11 MSF of new Gachibowli/Madhapur supply landing through 2026, buyers have real room to negotiate on price and payment terms before absorption tightens the market again.
  • Favour IGBC/LEED-certified Grade A+ buildings: Sustainability-certified assets are commanding rent premiums and better tenant retention as large occupiers increasingly mandate green buildings.
  • Check floor-plate efficiency and parking ratio: Large, column-free floor plates with a healthy parking ratio attract better-quality corporate tenants and command stronger resale demand.
  • For retail, weight frontage and footfall over raw size: A smaller unit with strong visibility on a main road typically outperforms a larger unit set back from traffic.
  • Model net yield, not headline yield: Factor in CAM charges, maintenance escalation and vacancy assumptions — not just the advertised rent — before comparing two properties.

10. Investment Analysis: Is Gachibowli Worth It in 2026?

📊 Leasing Momentum & Vacancy — Q1 2026

MetricQ1 2026YoY Change
Gross Leasing Volume (Hyderabad)3.15 million sq ft+21.6%
Net Absorption2.21 million sq ftDespite zero new completions
Citywide Vacancy20.22%−260 bps (15-quarter low)
Average Stock-Weighted Rent₹92.2/sq ft+11.6%
GCC Share of Leasing26% (0.83 MSF)

Source: Cushman & Wakefield India Office MarketBeat, Q1 2026

💵 Rental Yield by Asset Type (2026)

Asset TypeTypical Gross YieldNotes
Grade A Office (Vacant)6–10%Depends on building grade & micro-location
Pre-Leased Office (Strong Tenant)8–12%Immediate income, long lock-in typical
Retail / Showroom5–8%Footfall & frontage-dependent
Warehousing (city-wide)7–9%Driven by logistics & e-commerce demand
Residential (for comparison)2–4%Included for context only

⚔️ Gachibowli vs Competing Hyderabad Commercial Corridors

CorridorAvg. Office Rent (₹/sq ft/mo)VacancyPositioning
Gachibowli~72.3Elevated near-term (heavy new supply)✅ Best Cost Advantage
Madhapur / HITEC City~105.57.5% (Grade A+: 4.8%)Most Mature, Tightest
Financial District / Nanakramguda~70Low — Fortune 500 anchor tenantsUltra-Premium Address
KokapetData limited — emergingEmerging supplyPremium Growth Corridor
KondapurComparable to GachibowliModerateValue Alternative

Rent figures: Cushman & Wakefield Q1 2026, Propstack-reported Nanakramguda average. Kokapet and Kondapur shown qualitatively pending comparable Grade A office indices.

✅ Pros of Buying Commercial in Gachibowli

  • Inside Hyderabad's largest office employment belt
  • Real rent discount vs Madhapur (₹72 vs ₹105.5/sq ft)
  • Record city-wide leasing momentum in Q1 2026
  • Rental yields of 6–10%+ vs 2–4% residential
  • Direct ORR connectivity; Metro Phase 2 station planned
  • Deep pool of anchor tenants: Microsoft, Deloitte, Amazon, Wipro
  • Wide choice across office, retail and pre-leased formats

❌ Cons to Consider

  • Heavy incoming supply through 2026 can keep near-term vacancy elevated
  • Peak-hour traffic on Gachibowli Main Road and ORR approach
  • Metro Phase 2 timeline for a Gachibowli station is still evolving
  • Commercial loans carry lower LTV and higher rates than home loans
  • Pre-leased yields depend heavily on tenant quality — diligence is essential
  • FTL/buffer-zone verification is a must for land or standalone buildings

Ready to Buy Commercial Property in Gachibowli?

KLM Infra Projects offers RERA-verified office, retail and pre-leased commercial assets across Gachibowli. Our advisors guide you from shortlisting to registration — completely free.

12. Frequently Asked Questions

The most commonly searched questions about buying commercial property in Gachibowli Hyderabad — answered precisely for Google, AI Overviews, and PAA boxes.

Grade A office space for sale in Gachibowli is typically priced between ₹9,000 and ₹17,000 per sq ft in 2026, with most active listings clustering around ₹9,500–₹14,000 per sq ft. Retail shops and showrooms on high-footfall frontage command a steeper ₹20,000–₹50,000 per sq ft due to visibility and footfall value.
Yes. Gachibowli sits inside Hyderabad's largest office corridor alongside HITEC City/Madhapur and the Financial District, home to Microsoft, Deloitte, Amazon and other major occupiers. Hyderabad posted its strongest-ever Q1 office leasing in 2026 (3.15 million sq ft, up 21.6% YoY per Cushman & Wakefield) with citywide vacancy falling to 20.22%. Gachibowli's average office rent of ₹72 per sq ft/month is meaningfully lower than Madhapur's ₹105.5, giving buyers a relative cost advantage inside the same employment corridor.
Gachibowli is about 5 km from HITEC City and 3 km from the Financial District at Nanakramguda, with direct Outer Ring Road (ORR) access linking Kondapur, Kokapet, Gachibowli and the airport (roughly 28–30 km away). The nearest operating metro station is Raidurg on the Blue Line, about 4–6 km away; Gachibowli is set to get its own station under Hyderabad Metro Phase 2.
Reputed commercial developments in Gachibowli are registered under Telangana RERA (TG-RERA), the same regulator that covers residential projects. Verify a project's registration status at rera.telangana.gov.in before paying any booking amount — this applies to office, retail and pre-leased commercial assets alike.
Ready-to-move commercial property with an Occupancy or Completion Certificate is exempt from GST — only stamp duty and registration apply. Under-construction commercial property typically attracts an effective 12% GST (18% charged on the value net of a standard one-third land deduction), with input tax credit available to GST-registered business buyers. GST provisions are revised periodically, so confirm the applicable rate with a chartered accountant before transacting.
In Telangana's urban (GHMC) limits, the base structure is 4% stamp duty, 0.5% registration fee and 1.5% transfer duty — around 6% of the market value, the same framework used for residential deeds. Commercial assets can attract a marginally higher stamp duty in certain cases, so confirm the exact applicable rate for your specific property and location at the Sub-Registrar Office before registration.
Yes. NRIs can purchase commercial property in India under FEMA regulations through an NRE, NRO or FCNR account, without any special RBI permission. Pre-leased commercial assets in Gachibowli are especially popular with NRI investors seeking dollar/dirham-advantaged entry prices and rental yields well above what's available in markets like London or Singapore.
Pre-leased commercial property is office or retail space that already has a corporate tenant in place under a registered lease. Investors prefer it because it generates rental income from day one, with visibility on lease tenure, rent escalation (commonly 5–7% every 2–3 years) and tenant strength — reducing the vacancy risk that comes with buying vacant space.
Grade A office space in Gachibowli typically delivers gross rental yields of 6–10%, rising to 8–12% for pre-leased assets with strong corporate tenants — several times higher than residential yields of 2–4% in the same city. Retail and showroom yields generally run 5–8%, while warehousing yields 7–9% nationally.
The nearest operating metro station is Raidurg on the Financial District (Blue Line) corridor, about 4–6 km from central Gachibowli. Under Hyderabad Metro Phase 2 — a ₹24,200 crore, ~76.4 km expansion approved by the Telangana government — Gachibowli is planned to get its own station on the Miyapur–Kondapur–Gachibowli–Raidurg corridor, though exact completion timelines are still evolving.
Personal documents: PAN, Aadhaar, 6-month bank statements, ITRs or business financials, and photographs. For NRIs: passport, OCI/PIO card and NRE/NRO account details. Property documents to verify: Title Deed, HMDA/GHMC-approved building plan, Commencement Certificate, TG-RERA registration, Occupancy Certificate, Fire NOC, and — for land or standalone buildings — confirmation that the plot falls outside any lake FTL or HYDRAA buffer zone.
Carpet area is the actual usable floor space within the walls. Chargeable area (also called super built-up area) adds a share of lobbies, staircases, elevator cores and other common areas. In commercial buildings this loading factor commonly runs 30–40%, higher than the 25–35% typical in residential projects, so always confirm the carpet area before comparing per-sq-ft prices across buildings.
Most major banks and HFCs — including SBI, HDFC Bank, ICICI Bank, Axis Bank and LIC Housing Finance — offer commercial property purchase loans (CPPL) or lease rental discounting for pre-leased assets. Commercial loans typically carry a lower loan-to-value ratio and marginally higher interest rates than home loans, and lenders often factor in the property's existing or projected rental income during underwriting.

Your Next Step to Buying Commercial Property in Gachibowli

Gachibowli isn't a fringe pick inside Hyderabad's IT corridor — it's one of the three micro-markets carrying the belt, with a tenant roster that includes Microsoft, Deloitte and Amazon, and a Q1 2026 leasing market that just posted its strongest quarter on record. The combination of a genuine rent discount to Madhapur, rental yields of 6–10%+ against residential's 2–4%, and a heavy near-term supply pipeline that favours negotiating buyers makes this a moment worth taking seriously for both end-users and income investors.

Whether you need a compact office for your own team, a retail unit on a high-footfall stretch, or a pre-leased asset generating income from day one, Gachibowli has a verified option across the price spectrum today.

The corridor's fundamentals — GCC-driven demand, record absorption, and an approved Metro Phase 2 station — are strengthening. What's still negotiable is entry price, and that window is a function of the current supply wave, not a permanent feature of the market.

✅ Final Checklist Before You Buy
  • Verify TG-RERA registration at rera.telangana.gov.in
  • For pre-leased assets, review the lease deed, lock-in and escalation clause
  • Check Title Deed, HMDA/GHMC approval, OC and Fire NOC
  • Verify FTL/HYDRAA buffer-zone status for land or standalone buildings
  • Get an independent legal opinion on title and agreement
  • Confirm carpet area (not chargeable/super built-up area) before comparing prices
  • Confirm OC status to know whether GST applies
  • Budget ~6% for registration and factor in CAM charges when modelling yield

Start Your Gachibowli Commercial Property Search Today

KLM Infra Projects — Hyderabad's trusted real estate partner. RERA-verified listings, zero brokerage, expert guidance from shortlisting to registration.