Hyderabad: A millennial’s paradiseMarch 29, 2017 / By
On my maiden trip to Hyderabad last month, the first thing that amazed me was the sheer expanse of the Rajiv Gandhi International Airport. Located on the outskirts of the city, the airport has been ranked number one in the “5-15 million passengers category” by the 2016 ACI-ASQ survey. The airport is not only a great transit point but also makes for some excellent retail therapy.
To my pleasant surprise, I soon discovered that the airport was just the beginning of a journey into a city which is a paradise for a millennial like myself. Here’s why:
- Cosmopolitan character: Unlike other south Indian cities, Hyderabad does not have a language barrier as Hindi and English are widely spoken across the city. The city has now evolved into a cosmopolis because of the large number of migrants coming in from all regions of India seeking employment in renowned IT sector companies based here.
- Ample leisure options: The city has a large number of restaurants, pubs and lounges, with many outlets open until the wee hours. In its 2017 Quality of Living Survey, Mercer has ranked Hyderabad as the number one city in India for the third consecutive year.
- Highly developed infrastructure: The presence of an already strong infrastructure base as well as a sound upcoming supply of infrastructure projects gives Hyderabad lots of advantages. Noteworthy projects like the airport, the 158-km long, 8-lane Outer Ring Road (ORR) and the upcoming Metro, set to be operational in 2018 after witnessing some delays, will boost connectivity in and around the city.
- Affordable real estate: As of 4Q16, Hyderabad’s office rental value index stands at 97.2 (peak 3Q2008 = 100), while its arch-rival Bengaluru has raced ahead at 118.8. While this is positive news for developers and investors, it is not always so for occupiers, as rapidly-appreciating rental values have a negative impact on tenant affordability. In comparison to other IT-driven cities in India, Hyderabad, with an average office rental value of 50 INR (USD$0.76) psfpm, still has a lot to offer for occupiers. For a millennial who might choose to settle down in Hyderabad, at an average price of INR 4,792 (US$73.2) psf, the city offers several affordable residential options.
- Investment hotspot: The city is poised to grow as the government in Hyderabad is extremely business- friendly which is helping to make it an investment hotspot. Hyderabad currently functions as a common capital for the two Indian states of Andhra Pradesh and Telangana. In the Central Government’s Assessment of State Implementation of Business Reforms 2016, both states rank number one. Also, Hyderabad ranks number five on the list of world’s most dynamic cities, as per our 2017 City Momentum Index. The fact that the city has managed to attract the likes of Apple, Amazon and Google to build some of their largest campuses speaks for itself.
For me and other millennials, Hyderabad is a city of the future, driven as much by its infrastructure development and IT-friendly policies, as by its old world charm and of course, the lip-smacking biryani!
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