Is Hyderabad The New Bengaluru?
Southern cities of Bengaluru and Hyderabad are balancing the IT/ITes (information technology and IT-enabled services) act. Hyderabad being second only to the Silicon Valley of India is nevertheless catching up, and this has become one of the biggest drivers of the housing industry in both places. Job opportunities have led to more and more buyers/tenants to settle for either of the option. However, Hyderabad has been a gainer in some respects lately.
Animesh Raghuvansh has been born and brought up in Chennai but four years of engineering in Bengaluru and thereafter three years of work life with a leading software company has landed him a lucrative job offer in Hyderabad. Will he move to this new city? Raghuvansh has many reasons to look forward to his new stint in Hyderabad. One, the cost of living is quite affordable in Hyderabad than in Bengaluru. Second, as leading developer Nagender Rao, Empire Meadows, puts it, the city is conducive to the Hindi-speaking people. This makes it easier for those from the northern belt to settle or live on lease herein because language barrier isn't much of a barrier here. For simple reasons such as these, professionals aren't wary of opting for the city of nizams. However, there is more in store.
Recently, Hyderabad was recognised as a business-friendly city. Some of giants of the corporate industry have made their way into the city and the state necessarily provides them incentives to set their shops. Allocation of the government land for long-term leases, cent per cent reimbursements on stamp duty, transfer duty and registration fees as well as those of filing patents to companies that have their research and development facilities within the state. Large-scale projects will also benefit with customised incentive packages.
Startups have been on every techie's mind. While most ideas fail to find a platform, Hyderabad is out to woo the best of the next generation. About a million sq ft of space has been dedicated solely for this purpose and it would be developed in the next five years.
Research and development jobs, too, have a motivator in the city. Grants to the tune of 10 per cent are a positive step forward. Besides, there would be exemptions from zoning regulations.
Planned development in the form of an Information Technology Investment Region (ITIR) spread over 202 sq km along transit corridors has been another plus in Hyderbad's score card. Some of the upcoming areas like Uppal, Mamidipalli, Adibatla, Pocharam thus stand to gain over the mid to long-term creating as per data, almost 15 lakh new jobs over the long term. All of this is an indicator that business and consequently make flourish in times to come.
Infrastructure delights in terms of the metro rail network, as well as budget-friendly homes in the city are add on's to the aforementioned list. Housing sales in the city are already up by 24 per cent as per data with PropTiger DataLabs. It looks like the most opportune moment to invest in the city.