Hyderabad: Hyderabad has emerged as the fastest-growing city in India according to the latest Knight Frank India Prime City Index 2024. The city has shown remarkable progress in infrastructure development, real estate demand, and socio-economic parameters, positioning itself as a major urban center in the country.
Robust Infrastructure Development
One of the key factors driving Hyderabad’s growth is its robust infrastructure development. The city has witnessed significant investments in infrastructure projects such as the Outer Ring Road (ORR), Metro Rail extensions, and numerous flyovers and underpasses to decongest traffic. These projects have not only improved connectivity within the city but also enhanced accessibility to other regions, making Hyderabad a strategic hub for businesses and residents alike.
Surge in Real Estate Demand
The real estate market in Hyderabad has been a standout performer, with the city recording a 10% Compound Annual Growth Rate (CAGR) in residential launches over the past decade. In 2023, residential property prices in Hyderabad rose by 11%, indicating a strong demand for housing. This growth is attributed to the city’s burgeoning IT sector, which attracts a steady influx of professionals seeking employment and residence.
Knight Frank’s report highlights that Hyderabad has become a preferred destination for both investors and end users. The city’s real estate market is characterized by affordable pricing, quality construction, and the availability of ample residential and commercial spaces. These factors have contributed to the city’s position as a leading real estate market in India.
Rising Population of HNWIs and UHNWIs
Hyderabad has also seen a rise in the population of High-Net-Worth Individuals (HNWIs) and Ultra-High-Net-Worth Individuals (UHNWIs). This demographic shift is driving demand for luxury housing, high-end retail, and premium office spaces. The presence of a wealthy population is further boosting the city’s economy and real estate sector.
Proactive Policy Initiatives
The government’s proactive policy initiatives have played a crucial role in Hyderabad’s growth story. Policies aimed at promoting ease of doing business, infrastructure development, and investment-friendly regulations have attracted domestic and international investors. The Telangana state government’s focus on developing IT and industrial parks has also contributed to the city’s economic growth.
Socio-Economic and Physical Infrastructure
The Knight Frank report ranks Hyderabad second in socio-economic parameters and physical infrastructure, following Delhi-NCR. The city’s strong IT and technology sector, paired with significant infrastructural developments, has enhanced its socio-economic profile. Hyderabad’s balanced progress across various parameters positions it as a model of sustainable urban development in India.
The Knight Frank report ranks Hyderabad second in socio-economic parameters and physical infrastructure, following Delhi-NCR. The city’s strong IT and technology sector, paired with significant infrastructural developments, has enhanced its socio-economic profile. Hyderabad’s balanced progress across various parameters positions it as a model of sustainable urban development in India.
Future Prospects
Future Prospects
Looking ahead, Hyderabad is poised for continued growth and development. The city’s strategic initiatives and focus on sustainable development are expected to attract more investments and drive further economic progress. Hyderabad’s consistent leadership in real estate growth and infrastructure development makes it a promising urban center with a bright future.
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