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Hyderabad without a doubt
When you are getting equal package, equal benefits and the question is about location preference, then obviously I would advise the better. Hyderabad has comparatively more affordable in terms of housing, cost of living, distance(traffic), facilities. I personally live in Hyderabad. Also you mentioned that you already spent few years so might be familiar with the city. In Mumbai, Either you have to spend very high on renting even a single bedroom or live far away and drain away energy in travel. In Hyderabad, in the same price(even lower) you would get 3 bedroom.