Cyber Towers in Hyderabad. (iStock)
In the Prime City Index 2024 released by leading international property consultant Knight Frank India on Tuesday, 19 November, Hyderabad stood ahead of five other Indian cities considered by it.
The report said Hyderabad outperformed other cities, driven by its robust growth across various social economic parameters and strategic positioning in key sectors.
“Hyderabad is emerging as a fastest growing city amongst the top six cities in India,” the study report said. The other five cities are Bengaluru, Mumbai-MMR, Delhi-NCR, Ahmedabad and Chennai.
Meanwhile, Bengaluru stood as the second fastest-growing city due to its “exceptional talent pool and dynamic business ecosystem fueling entrepreneurship”.
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Growth factors
The study said the city’s diversified economy, encompassing sectors beyond Information Technology (IT) such as pharmaceuticals and manufacturing, has bolstered its stability and growth prospects.
The city’s relative strength is in its real estate market, where it has the highest score among the six cities.
“In 2023, residential annual sales rose by 6 percent YoY [Year over Year], driven by homebuyers prioritising lifestyle upgrades, showing a preference for amenity-rich communities in well-established areas. The demand for housing is further stimulated by the city’s robust and well-planned network of roads, flyovers, underpasses, and wide ring roads.” the study pointed out.
The study said the government has invested strategically in key infrastructure projects, such as the Hyderabad Metro Rail, ring roads etc. According to Mercer’s quality of living report, Hyderabad ranked top among other major cities in India.
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Wealthy residents
Hyderabad has a large concentration of wealthy population. As per Hurun’s 2024 list, Hyderabad ranks third with the most number of wealthy residents and is ahead of Bengaluru.
“The city has also been notable for its efficient administration and proactive approach to implementing infrastructure projects and urban development plans. Transparency in operations, coupled with initiatives aimed at improving ease of doing business has further enhanced Hyderabad’s appeal as a business-friendly destination,” the report said.
Hyderabad’s continued emphasis on fostering a conducive environment for businesses and residents alike underscores its potential to sustain and enhance its standing as a leading global city in the years ahead, it added.
In the socio-economic category, Bengaluru secured the first position followed by Hyderabad and Mumbai. Hyderabad stood first in the real estate rankings with Bengaluru and Mumbai taking second and third spots, respectively.
(Edited by Muhammed Fazil.)
