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In its historic evolution and development, the Hyderabad city has experienced many changes since its foundation as the capital of the medieval Kingdom of Golconda in the 16th century to its present status as the metropolis of a modern state. Each historic phase of development has significantly influenced its physical, social, economic and cultural growth. Hyderabad, under the influence of Deccan, Persian and indigenous culture, synthesised and evolved its very own Hyderabadi Tehzeeb. It truly represented the assimilation (yet uniqueness) of diverse cultures which inhabited Hyderabad. More than four hundred years later, HITEC city Hyderabad today presents a different picture. Whether it is its structural and spatial expansion, infrastructural development or its socio-cultural ethos, contemporary Hyderabad has evolved phenomenally and for many natives beyond recognition. Using ethnographic approach and secondary data, the paper introspects whether the City of Pearls has retained its unblotted tolerance and Hyderabadi Tehzeeb or has given up to the challenges of modern and globalizing times. Culturally, what is it that the natives of 'Bhagyanagar' irrespective of their caste, creed, gender, region and religion miss in modern Hyderabad.