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Since the formation of the State of Telangana in 2014 with Hyderabad as the capital, this city has been displaying phenomenal growth. In particular, the rate of growth of Hyderabad has picked up much more pace over the preceding 3-4 years.
Hyderabad is now recognized as one of the leading cities on the globe that is conducive to overseas investments. At this point, it won’t be inappropriate to briefly elaborate upon some facts and statistical details of the subject at hand.
- For 2023-24, Telangana State’s GSDP (gross state domestic product) is roughly around Rs.14 trillion. That indicates that a CAGR of slightly over 10% is the rate at which the GSDP of the state has risen in the last five years. As Hyderabad is the chief economic zone of Telangana, the above statistical piece of information reflects the growth of Hyderabad.
- In the preceding twelve months, the investments made in the biotech, pharma, and medical devices sectors of Hyderabad were around Rs.7500 crores.
- The service industry of Telangana was the sector that registered the biggest growth in the last 7-8 years. The same is evident from the fact that the contribution of this industry to the state’s GSDP is nearly 60%. Hyderabad is the primary center of the state’s tertiary sector.
- A few reports from the recent past highlight a salient point. Telangana government has planned to utilize well over 60% of its budget for the growth of infrastructure and economy. This is inclusive of bridges, roads, civic amenities, and construction in suburban and urban zones. A significant part of these funds would be directed towards further development of the historic city, Hyderabad.
- It’s interesting to note that Hyderabad is among the major real estate markets when the countrywide scenario is taken into consideration. Here, the city’s share in the country’s overall real estate sector is in the region of 25%.
- By the end of September 2023, the real estate segment of Hyderabad showed a noteworthy growth rate. This point attains much more relevance for the following reasons. For this very duration, most of the major real estate markets of the country couldn’t perform up to the expected level. That was chiefly attributable to the poor monsoon in this timeframe.
- The findings of a leading research stress a notable aspect. Hyderabad city displayed a growth of nearly 60% in the number of new residential units sold. This growth is for the period between January 1st and September 30th of 2023, and it is about the corresponding span of 2022.
- For the year 2022, a detail about Hyderabad real estate is worthy of special mention. It was seen that roughly 25% of the entire land transactions of the country-specific data centers had been executed in Hyderabad.
- A significant aspect was observed with the conclusion of the financial year 2022. The number of people employed in the IT sector of Telangana was about 8,00,000. And, a substantial chunk of those aspirants are working in the IT companies located in and around Hyderabad.
- The Life Sciences industry of Hyderabad has been consistently growing at an impressive rate in the past few years. It is projected that the city’s sector of Life Sciences will attract investments of roughly 3.5 billion in the next five years