Hyderabad among 6 fastest-growing cities due to surge in realty demand

Among six leading Indian cities, Hyderabad stands out as the fastest-growing one driven by robust infrastructure development and surging real estate demand, a report showed on Tuesday.

Meanwhile, Mumbai-MMR maintains steady growth across all metrics, reaffirming its position as India’s financial capital, and Delhi-NCR ranks highest for its superior physical infrastructure and governance, according to ‘India Prime City Index’ report by Knight Frank India.

On the other hand, Bengaluru has demonstrated remarkable socio-economic growth, driven by its thriving service sector that attracts a highly-skilled workforce from across India and beyond.

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

The relative strength of Hyderabad is centred in its growing real estate market, scoring highest among the six cities in the real estate parameter.

The city has witnessed the highest growth rate of 10 per cent (CAGR) in residential launches over the past decade.

Bengaluru ranks second in real estate but remains the top choice for commercial occupiers, with sustained growth in residential real estate, said the report. The city boasts the highest workforce participation rate in the country at 76 per cent and an unemployment rate of just 1.8 per cent — the lowest among the six cities analysed.

Delhi leads the rankings in physical infrastructure. Home to India’s largest metro network, the Delhi Metro boasts a daily ridership of 6.8 million and spans over 350 kms, ensuring seamless connectivity across the National Capital Region (NCR).

(With inputs from IANS)