Hyderabad emerges as fastest growing city in India: Report

Hyderabad: Notwithstanding the reports that HYDRAA and Musi river evictions have dealt a blow to the real estate market, Hyderabad has emerged as the fastest-growing city in India, beating six metro cities, including Mumbai, Delhi, and Bengaluru.

According to the 'India Prime City Index' report by Knight Frank India, Hyderabad's robust infrastructure development and surging real estate demand were the key indicators behind it. In terms of socio-economic indicators, Bengaluru surges ahead of Hyderabad and Mumbai cities. The ranking is attributed to the thriving service sector in the southern city.

Financial capital Mumbai-MMR maintains steady growth across all metrics, while Delhi-NCR ranks highest for its superior physical infrastructure and governance.

According to Gulam Zia, senior executive director of Knight Frank India, all six cities have distinct opportunities to accentuate sustainable and inclusive urban development in the country.

"India's emergence as a global economic powerhouse is underpinned by the exceptional performance of a select group of cities that have transformed into economic and cultural hubs," Zia said.

Compared to metro cities, demand for real estate is growing in Hyderabad. The report stated that the city has recorded the highest growth rate of 10 percent (CAGR) in residential launches over the past decade. It added that not just the IT exports but also the manufacturing and pharmaceutical industries have significantly contributed to the city's growth.