Scoring high on factors like quality of living, health care facilities, sound infrastructure, education facilities, and affordable real estate market, Hyderabad has been ranked as one of the best cities to live in India.
According to Mercer’s Quality of Living Report 2020, Hyderabad is ranked 138th globally leaving behind metropolitans like Delhi, Bangalore, Chennai, and Mumbai in quality sweepstakes. It does not come as a surprise as, over the years, Hyderabad has evolved as a preferred city to stay in India. It beats Pune, Bangalore, Chennai, New Delhi, Mumbai, and Kolkata on the radar of ‘quality of living’ and grabs the first position among all metros. The parameters undertaken in the survey by Mercer’s Quality of Living Report included political and social environment, medical and health care facilities, recreation facilities, public services, and natural environment.
Factors driving the growth
According to M. Vijaya Sai, Secretary-General, TREDA, “There are many factors responsible for Hyderabad’s growth. Availability of quality manpower, presence of robust physical and social infrastructure, international schools, health care facilities, livable environment and receptiveness of the society are the key elements pushing its growth.” In addition, Rajiv Gandhi International Airport, located 22kms away from the city is another driving factor that ensures smooth international connectivity and improves the city’s rank in public services.
Hyderabad edges over other metros
The city makes its way ahead on multiple factors. It has been identified as the second safest city in India followed by Chennai. Internal stability, degree of crimes and local law enforcement have helped the city to gain this position. Besides, fewer traffic jams, balanced weather, affordable living, and access to pollution free air and clean drinking water, gives Hyderabad an edge over other metros like Mumbai and New Delhi.
New Delhi and Mumbai have experienced considerable dip in their global ranking. Factors that have impacted their positions include a considerable increase in the population level, rise in the level of air pollution, inaccessibility to clean water, traffic congestion, and high crime rate.
Realty trend in the city
The realty market in the city has picked up ever since the formation of the Telangana government. With its buoyant economy and dynamic workforce, the city is emerging as a buyer’s market. An increase in the IT/ITeS industry has further given an impetus to the realty sector.
Hyderabad offers one of the most affordable residential markets to buyers among all tier 1 cities of India. Even the well-developed residential sub-markets like Miyapur, Kukatpally, Manikonda, and Sainikpuri offer homes within a range of Rs 20 30 lakh. As per the ‘Quality of Living’ report by Mercers, property prices in Hyderabad are relatively affordable as compared to other metros and are pegged at 60 percent of those in cities like Chennai and Bangalore.
“The city has also witnessed a healthy rate of appreciation in the last few years. The capital market has witnessed a year-on-year growth of five to eight percent while the rental market has recorded an annual growth of three to five percent, “says Sai. He adds, “At present, the western zone is most active as far as residential growth is concerned. However, realty micro-markets in other zones are also expected to surge post the commencement of the metro in June 2016.”
Major challenges and the future ahead
One of the major challenges in the city is to attract the attention of investors. In addition, power disruption and water crises need attention. Extreme weather situations make it difficult to survive with power fluctuations adding to the suffering.
Though the city suffers from some challenges, the government has undertaken several initiatives to offer an improved and better lifestyle to the populace. Infrastructure projects like radial roads, metro rail, satellite cities, inner ring road, and outer ring road will not only push growth in the residential markets of East-West and North-South corridors but will also boost the overall growth of the city.
Best Real estate flats in Hyderabad
Reference : https://www.99acres.com/articles/what-makes-hyderabad-the-best-city-to-live-in-india.html
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