How Economy of Hyderabad has improved over the years

How Economy of Hyderabad has improved over the years?

The Hyderabad, known as city of pearls, is the fastest growing cities in India. The economic reforms of 1990 changed the economy of the state from services sector to more diversified economy, but still the services sector remains a major contributor to the GDP of Hyderabad. The city has been a generator of employment to large number of people due to the reputable industries and major software offices headquartered here. Tagged with best heritage city of India, it had made its foray into the tourism industry due to its rich ancient and cultural heritage.

With the expansion of Information technology and Biopharmaceutical industry, the city had been witnessing rapid influx of migrants from other states. Adding feather to the cap, the Hyderabad has secured the first place in the ease of doing business in 2017 on the basis of two parameters, enforcing contracts and resolving insolvency.

Some of the areas such as Kukatpally, Madhapur, Nizampet, and Gachibowli are emerging as residential hub of Hyderabad with mettlesome aura and clean environs. The barren lands at these areas have been utilized for residential projects construction by real estate builders. Besides these, metro rail connectivity from Miyapur-Lb Nagar at corridor 1 has exhorted developers to come out with more residential projects in and around these areas. Moreover, these flats are housed with many good amenities with major landmarks nearby. The cost of living and the appreciation in land value are the two major factors that scaled-up the growth of real estate industry in Hyderabad.

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By: Pavan N