Google this year announced plans to build its largest campus outside the Mountain View headquarters in the Pearl City of Hyderabad. But it’s not the only one. Hyderabad is also home to giants Amazon, Microsoft, and thousands of other tech companies, unicorns, and start-ups. In just 2021, the city added 2,250 tech start-ups and 42 unicorns to its ecosystem. So let us first understand what has brought about this bloom in the city.
Ever since the formation of Telangana, its state government has undertaken various initiatives and passed several laws to promote IT development and foreign investment in the state. These measures include the HITEC City (Hyderabad Information Technology and Engineering Consultancy City) to boost information technology, engineering, health informatics, and bioinformatics in Hyderabad, the Start-up Telangana portal to promote start-ups, MoUs with Microsoft and Google to develop the local ecosystem and accelerate sustainable economic development in the city.
Evidently, the booming IT sector and employment opportunities have resulted in a rise in the incomes of households in the state. With increased hiring and hefty pay by Info Techs and start-ups, the economy is booming like never before. As a result, Hyderabad has been ranked second in the country in terms of salaries drawn. The Salary Trends Report 2021 suggests that the average salary in Hyderabad for junior level (0-5 years of experience) stands at Rs. 5.93 lakh per annum, and for mid-level (6-14 years of experience), the salary is Rs. 17.71 lakh per annum.
Simply put, these paychecks are fuelling the demand for residential properties in the land of Nawabs like never before. The Telangana government’s Municipal Administration & Urban Development (MA & UD) report states, “The city’s residential market has emerged as the ‘best performer’ compared to other metros in terms of the property price to income ratio.”
Another report by Mercer has rated Hyderabad as the best city in India in the “Quality of Living Index” for six years consecutively. It remains number one in the purchasing power index, safety index, healthcare index, cost of living index, property price to income ratio index, traffic commute time index, pollution index, and climate index.
Constant efforts by the government have ensured that the city fares well on all parameters when it comes to lifestyle and living. The state Municipal Administration and Urban Development Minister KT Rama Rao had mentioned earlier this year that the government aims to make Hyderabad one of the top 30 cities to live in globally. . “We are not competing with any other city in India – our aim is to put Hyderabad among the top 30 cities in the world so far as quality of life and economic competitiveness is concerned,” he said.
Hyderabad has not seen a single year of decline in average price per square foot since its inception in 2014. Veera Babu, the Managing Director of Hyderabad & East India, Cushman and Wakefield, a global commercial real estate services firm, credits this boom in the residential market to employment generation in the city.
Hyderabad’s residential market comprises four major districts — Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy. Of them, Medchal-Malkajgiri has recorded the highest home sales, with a share of 44% till April 2022. These increasing numbers continue to highlight the state’s growth and the rising opportunities for success in the state.
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Sources:
https://www.siasat.com/hyderabad-2nd-among-highest-salaries-paid-to-mid-level-techies-2263954/
https://analyticsindiamag.com/why-big-tech-firms-are-making-a-beeline-for-hyderabad/
