Hyderabad, Nov 21 (IANS) Billed as the most livable city in the country, Hyderabad is the destination for people from various parts of the country to work and settle down in.
With its affordable cost of living, cosmopolitan culture, moderate climate, best civic infrastructure, ease of commuting, warmth of people, world-class healthcare facilities, availability of talent and the vast economic opportunities it offers in a host 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-India home to all cultures, lip-smacking cuisine, the vibrancy it offers and the impressive growth it continues to register attract people from all the regions of the country.
The booming metropolis with centuries-old minarets and gleaming IT towers dotting its skyscape, has emerged the top real estate destination in South India. It recently overtook Bengaluru as the city with the maximum demand for commercial spaces too. However, rentals of office and commercial spaces are still lower when compared to other metros.
With the real estate sector in Hyderabad remaining resilient even during the Covid-19 pandemic and things now looking bright, the city of pearls is set to grow at an even more rapid pace, say industry experts.
Even during the months when India and the world were reeling under the pandemic, many families were exploring the possibility of buying property to make their dream home in Hyderabad.
"Cosmopolitan Hyderabad with the rise in opportunities in the IT and Services sectors has attracted people from across India to choose it as an ideal destination to settle down. About 20-25 per cent of overall residential real estate is purchased by non-Telugu and North Indian people. In addition to opportunities, weather and affordability are common reasons for these people to choose Hyderabad," pointed out Sarith Kumar Jonnala, Vice President, Hyderabad Realtors Association.
Reports suggest that Hyderabad's real estate sector showed growth in demand and supply 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 coming into this city from other parts of Telangana and Andhra Pradesh or from anywhere in India fall in love with the warmth of Hyderabad. The employment and business opportunities getting generated here are unparalleled for a city of this size, and these opportunities will rise further with time," said Peddi Srinivas of Welspaces, a real estate consultancy.
With the city continuing to attract new investments across sectors, both office and residential segments are witnessing robust growth.
Home to the largest campuses of global technology giants outside their headquarters in the United States, Hyderabad is one of the fastest growing real estate markets in Asia Pacific.
"Hyderabad is known for its cosmopolitan attitude. The diverse nature of population makes any outsider feel at home. While cities like Bengaluru witnessed assaults against Indians coming from Uttar Pradesh or Bihar, and especially against those from the northeastern states, Hyderabad accommodated them all," said an analyst.
For centuries, Hyderabad accepted people from all over the world. From Turks to Iranians and from Arabs to Africans and British, all were welcomed by this city.
The city of pearls continues to welcome people from all over the world as is evident from the sizeable number of people of various nationalities working in the technology giants.
Already well established in information technology and pharma, the city in recent years registered tremendous growth in sectors like aerospace and defence and life sciences. During the pandemic, it also emerged as the global vaccination hub.
According to a PropTiger research report, Hyderabad overtook Bengaluru and Chennai in residential demand and supply during the last few quarters.
"This city can expand geographically to limitless boundaries, and that will ensure real estate costs never exceed beyond a level and will remain affordable to the middle class population," said Dr Kiron, Chairman & Managing Director, SuchirIndia.
"Many favourable policies introduced by the state government not just make Hyderabad a hot investment destination, but will also continue to keep it in the top league of aspirational destinations to work and live in," said Kiron, whose firm is building a project, Tales of Greek near Hyderabad Airport.
For those who made Hyderabad their home, the city came as a natural choice. Hyderabad was selected as the world's most dynamic city in the JLL City Momentum Index 2020.
Hyderabad was ranked the best city to live in India for the fifth consecutive year in Mercer's Quality of Living (India) Rankings-2019.
The city was ranked the best city to live and work in India in a survey conducted by destination discovery website Holidify.com. The city secured the top position by scoring 4.0 out of 5, beating cities such as Mumbai, Bengaluru and Chennai.
"I worked in a few other parts of India, including Bengaluru. But at no place did I feel the positive vibes that I get in Hyderabad. I live here, my family lives here, my son, who was born here calls this city his home," said Nitin Tanksale, who originally hails from Chhattisgarh and moved here for work.
"Making friends is easy here, and we have quite a few. Great work opportunities in Hyderabad brought a few other relatives of mine too into this city. After living in Hyderabad for almost 16 years, we all feel like real Hyderabadis not by our period of stay but by the culture, language and traditions of the city that have embraced us," he said.
"Hyderabad has provided us with many memorable experiences. The city is vast in geography, and very near when it comes to the warmth of people. Travelling in Hyderabad is not as difficult when I compare the same with other metro cities. This is my new home, and will be one for many years to come," said Abhijit Seth, who hails from Madhya Pradesh.