Hyderabad: Hyderabad, which is considered as the most livable city in the country, is the destination for people from different parts of the country to work in and settle down.
With its affordable cost of living, cosmopolitan culture, temperate climate, best civilian infrastructure, ease of commuting, warmth of people, world-class healthcare facilities, talent availability and the great economic opportunities it offers in a myriad of sectors, this technology hub is already one of the fastest growing cities in the world.
The fine blend of traditional and modern, a historic city with ‘Ganga-Jamuna tehzeeb’, a mini-Indian home for all cultures, delicious cuisine, the vitality it offers and the impressive growth it still registers attracts people from all the regions of the country.
The thriving metropolis with centuries-old minarets and gleaming IT towers spreading its sky has emerged as the top property destination in South India. It recently surpassed Bengaluru as the city with the maximum demand for commercial spaces. However, rent of office and commercial space is still lower compared to other metros.
Real Estate in Hyderabad
With the real estate sector in Hyderabad growing even during the Covid-19 pandemic and things that now look bright will grow the city of pearls at an even faster pace, industry experts say.
Even during the months when India and the world were plagued by the pandemic, many families explored the possibility of buying property to make their dream home in Hyderabad.
“Cosmopolitan Hyderabad with the increase in opportunities in the IT and service sectors has attracted people from all over India to choose it as an ideal destination to settle in. About 20-25 per cent of the total residential property is owned by non-Telugu and “North Indian people bought. In addition to opportunities, weather and affordability are common reasons why these people choose Hyderabad,” said Sarith Kumar Jonnala, vice president of Hyderabad Realtors Association.
Reports indicate that Hyderabad’s real estate sector showed growth in supply and demand in the July-September 2021 quarter, with 1,100-1,300 sq ft for 2BHK and 1,500 – 2,500 sq ft for 3BHK units remaining popular.
“People entering this city from other parts of Telangana and Andhra Pradesh or from anywhere in India fall in love with the warmth of Hyderabad. The jobs and business opportunities generated here are unmatched for a city of this size, and these opportunities will increase further over time, ”says Peddi Srinivas of Welspaces, a real estate consultant.
With the city still attracting new investment across sectors, both office and residential segments are seeing strong growth.
The home of global technology giants
Hyderabad, home to the largest campuses of global technology giants outside their headquarters in the United States, is one of the fastest growing real estate markets in Asia-Pacific.
“Hyderabad is known for its cosmopolitan attitude. The diverse nature of the population makes any outsider feel at home. “While cities like Bengaluru have witnessed assaults against Indians coming from Uttar Pradesh or Bihar, and especially against those from the north-eastern states, Hyderabad has accommodated them all,” said an analyst.
Hyderabad has been accepted by people from all over the world for centuries. From Turks to Iranians and from Arabs to Africans and Britons, everyone was welcomed by this city.
The city of pearls still welcomes people from all over the world, as evidenced by the large number of people of different nationalities working in the technology giants.
Already well-established in information technology and pharma, the city has registered tremendous growth in recent years in sectors such as aviation and defense and life sciences. During the pandemic, it also emerged as the global vaccination center.
According to a PropTiger research report, Hyderabad has surpassed Bengaluru and Chennai in the last few quarters in residential supply and demand.
“This city can expand geographically to unlimited boundaries, and it will ensure that property costs never exceed a level and will remain affordable for the middle-class population,” said Dr Kiron, chairman and managing director, SuchirIndia.
“Many favorable policies imposed by the state government not only make Hyderabad a popular investment destination, but will also continue to keep it in the top league of aspiration destinations to work in and live in,” said Kiron, whose firm ‘ building a project, Tales of Greek near Hyderabad Airport.
World’s most dynamic city
For those who made Hyderabad their home, the city came as a natural choice. Hyderabad has been selected as the world’s most dynamic city in the JLL City Momentum Index 2020.
Hyderabad has been named the best city to live in India for the fifth consecutive year in Mercer’s Quality of Life (India) Rankings 2019.
The city was named the best city to live and work in India in a survey conducted by the destination discovery website Holidify.com. The city secured the top spot by scoring 4.0 out of 5 and beating cities like Mumbai, Bengaluru and Chennai.
“I have worked in a few other parts of India, including Bengaluru. But nowhere did I feel the positive vibes I get in Hyderabad. I live here, my family lives here, my son, who was born here, calls this city his home, ”says Nitin Tanksale, who is originally from Chhattisgarh and moved here for work.
“Making friends is easy here, and we have quite a few. Great job opportunities in Hyderabad have brought some other family members of mine to this city as well. After living in Hyderabad for almost 16 years, we all feel like real “Hyderabadis, not through our period of residence, but through the culture, language and traditions of the city that we have embraced,” he said.
“Hyderabad has provided us with many unforgettable experiences. The city is big in geography, and very close when it comes to the warmth of people. Traveling in Hyderabad is not that difficult when I compare the same with other metro cities. This is my new home, and will be for many years to come, ”said Abhijit Seth, who hails from Madhya Pradesh.
Source: The Siasat Daily