Hyderabad Set to Become 4th Fastest Growing City in World by GDP Growth Rate
Hyderabad, India's thriving tech and business hub, is poised to leapfrog other major cities worldwide with its projected growth rate of 8.47% between 2019 and 2035, according to a latest report from Knight Frank India titled "Indian Real Estate: A Decade from Now".
The city's explosive growth will contribute an estimated $201.4 billion to India's GDP by 2035, cementing its position as one of the fastest-growing cities in the world.
Global Comparison: Surat, Agra, and Bengaluru Lead the Charge
Surat, Agra, and Bengaluru are expected to claim the top spots globally, with Surat growing at an impressive 9.17% year-on-year (YoY), followed closely by Agra and Bengaluru with growth rates of 8.58% and 8.50%, respectively.
India's Urban Growth: Powerhouse of Economic Development
Despite occupying just 3% of the country's land, India's urban centers already account for an estimated 60% of its GDP. The nation is witnessing rapid urbanization, which is projected to increase India's urbanization rate from 36.5% to 42.5% by 2034.
Indian Real Estate Sector on Track for $1.5 Trillion Growth
India's real estate sector is set to become a massive $1.5 trillion market by 2034, making up 10.5% of the nation's economic output. The residential sector will drive this growth, followed by office spaces and manufacturing lands.
Government Initiatives for Urban Development
The Indian government has launched several initiatives aimed at sustainable urban growth, including the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) and the Smart Cities Mission (SCM). These efforts are expected to play a crucial role in shaping the future of India's cities.
Hyderabad at the Forefront
With its projected 8.47% annual GDP growth rate, Hyderabad solidifies its position as a leading economic hub. The city's dynamic mix of technology, business, and infrastructure is driving its rapid growth, making it a key player in India's economic future.
As India's real estate sector continues to boom, the government's focus on urbanization and development will be pivotal in maintaining this momentum.