More malls to decorate city’s skyline
More malls to decorate city’s skyline. According to a new report from CBRE Research, an American real estate company, Hyderabad ranks 23rd among global cities with the maximum shopping centre space under construction in 2014.
Hyderabad ranks 23rd in the world for cities with maximum shopping space
According to a new report from CBRE Research, an American real estate company, Hyderabad ranks 23rd among global cities with the maximum shopping centre space under construction in 2014.
The city is the most active market with a space of 4,83,000 square miles. Bengaluru is ranked 31 in the report.
Anshuman, chairman of CBRE, states that the boom in the shopping centre space construction can be attributed mainly to the urbanisation brought about by the giant leaps made by the city over the years towards the development of the industrial and service sectors.
The city today boasts of hosting numerous public sector enterprises like BHEL, ECIL, NMDC, HMT, BEL, IDPL, DRDO and HAL. It also witnessed the establishment of numerous pharmaceutical industries owing to its strategic location in the 1970’s. However, it was the IT sector boom in the 2000’s that changed the city’s skyline, bringing the entire world to the city’s doorstep.
Hyderabad is home to more than 1,300 software firms including Microsoft, Google, Oracle, Yahoo, TCS, Infosys and Wipro and Mahindra Satyam. The creation of the technological park ‘Hitec City’ has enabled the establishment of numerous IT firms. During 2008–09, Hyderabad's IT exports reached US$ 4.7 billion.
There are numerous other accolades in Hyderabad’s account. In 2009, Hyderabad was ranked the second best city to do business by the World Bank. In 2010, the GaWC (Globalisation and World Cities) group included Hyderabad in their third tier of the cities of importance. In 2011, the DTZ called Hyderabad as world’s third most affordable location in India while the Business Today proclaimed that the city was fourth best to stay in India. In 2007–08, the city's prime residential areas of Banjara Hills and Jubilee Hills reached the highest growth percentage in India. The Economic Times evaluated Banjara Hills to be worth US$20.7 billion.
The Hyderabad Metro Rail project was one of the top 100 infrastructure projects to be showcased at the Global Infrastructure Leadership in March 2013 in New York. Adding to the feathers in the city’s cap, the Rajiv Gandhi International Airport was featured as the top among Indian Airports, in the ranking of world airports for the year 2013 by Skytrax.
The city is the largest contributor to the state's GDP and state tax. In 2011, Hyderabad generated revenues of 7,00,000 lakh million and contributed a third of the state's tax revenue. The per capita income of Hyderabad was 44,300 in 2011 implying the natural rise in standard of living of the city’s population. The increase in living standards requires an improvement in service sector to cater to the increased demand of the people. Numerous malls have opened over the years to cater to the thriving population of the city. The city houses some of the largest malls like Inorbit, GVK One, City Centre, Hyderabad Central, Big Bazaar, etc.