Hyderabad: Hyderabad, the capital city of Telangana, has been ranked as the fifth fastest-growing city globally. This ranking was revealed by British real estate consulting firm Savills in its “Growth Hubs Index” report for the year 2023. The report, published on Wednesday by leading statistics portal ‘Statista,’ highlights Hyderabad’s rapid growth.
Savills representatives stated that the ranking was based on multiple factors such as city development, financial sector reliability, the personal wealth of citizens, increased migration, and the rising working population.
Surpassing 224 Cities
The study by Savills covered 230 cities worldwide with a GDP exceeding $50 billion by 2023. Hyderabad advanced past 224 cities to secure a spot in the top five. Notably, 14 out of the top 15 fastest-growing cities belong to Asia. Bangalore claimed the number one position, while India’s financial capital Mumbai came in at eighth, three places behind Hyderabad.
Continued Economic Growth Predicted
The report praised Hyderabad’s status as a stronghold in the IT, banking, and services sectors, as well as its robust performance in the financial sector. It also predicted that if Hyderabad’s economic growth continues at its current pace, the city could rank first globally in per capita GDP growth by 2033. Analysts attributed the city’s rapid development to the revolutionary decisions made during the KCR-led government.
Government Initiatives Considered
Savills emphasized that the 2023 report reflects the city’s policies, development programs, and the growth in jobs and income initiated by the government. The report also forecasts the city’s trajectory up to 2033 based on these parameters.
Decline During Revanth’s Leadership
While Hyderabad’s brand image skyrocketed under KCR’s administration, it has reportedly suffered under Revanth’s tenure due to unilateral decisions. PopEquity data suggests a 42% drop in home sales following the demolition of Hydra. CREDAI has also highlighted fluctuations in the city’s real estate market, with a decline in office space leases.
Experts have expressed concerns over stalled industrial estates, the relocation of renowned companies like Corning and Cairns to other states, and issues surrounding security and peace in the city. These challenges may prevent Hyderabad from reaching its projected number-one spot by 2033.
Savills – A Trusted Name in Real Estate
Savills is a renowned international real estate consultancy firm with over 700 offices across 70 countries, including the USA, Europe, Asia-Pacific, and Africa. The company employs nearly 40,000 people worldwide, with offices in major Indian cities such as Bangalore, Chennai, Delhi, Hyderabad, Mumbai, Pune, and Ahmedabad.
Basis for Ranking
- City’s future confidence – Forecasted GDP by 2033, credit ratings.
- Economic growth – GDP growth prediction by 2033, based on past government performance.
- Personal wealth of citizens – Increase in per capita income, contribution to GDP.
- Migration – Rising number of people moving to the city due to job opportunities.
- Working population – Expected rise in the labor force by 2033.
