With the World Economic Forum acknowledging that Hyderabad is one of the 10 fastest growing Indian cities in the world between 2019 and 2035, the Telangana government is geared for planned development of new areas in the city and upgrading its infrastructure in tune with the rapid economic growth and influx of people.
The World Economic Forum cited the report of Oxford Economics, a research institute that identified 10 Indian cities leading with Surat, Agra, and Bengaluru, ahead of Hyderabad, in terms of growth rate. The report stated that Hyderabad’s GDP was growing at 8.47%, marginally behind Bangalore’s 8.5%. Vijayawada of Andhra Pradesh figures at 10th place with 8.16% growth rate.
Mr. Arvind Kumar, Principal Secretary, Municipal Administration and Urban Development, speaking to The Hindu here on Wednesday, said that in fact Hyderabad had been growing at 10% plus for the last three years and it would grow at a much higher level by 2035. The growth rate was analysed based on the programmes of the last four years.
‘Overtook Bengaluru’
“ In terms of real estate growth, Hyderabad overtook Bengaluru for the first time in the first quarter. Hyderabad will overtake Bengaluru by 2035,” he said.
“We are geared to develop the infrastructure in line with this growth story,” he said. Besides new growth centres like Kokapet, Tellapur, and Kollur , many areas were being identified. Chief Minister K. Chandrasekhar Rao has already instructed that a comprehensive Master Plan be developed for the HMDA region. Infrastructure development, traffic management and impact studies would get more focus.
‘Walk to Work’ concept
The State would come up with Integrated Township Policy for townships with 100 acres and more with ‘Walk to Work’ concept to de-congest the city. Incentives would be offered to developers under the policy. The MA&UD had drawn up comprehensive plans for metro water works for the entire HMDA region, he said.
Mr. Rakesh Reddy, Director, Aparna Constructions, said globalisation had propelled Hyderabad to its position as one of the fastest growing metropolises in the world. Over the past two decades, the city had become the preferred destination for IT companies and many more knowledge-based industries. Its talent pool and central location made Hyderabad an appealing city to set up corporate headquarters, he said.
Hyderabad, based on its commercial growth, had become one of the best-performing residential real estate destinations in India aided by government stability, infrastructure development and economic drivers. The vast availability of high quality housing options kept prices low compared to other metros.
Mr. Reddy said with the Indian real estate market expected to reach USD 180 billion, it would only consolidate Hyderabad’s position as the fast-growing city in the world.