I have recently moved to Bangalore. When I was sifting through the junk that I had piled up while in Hyderabad I came across a lot of unfinished stories. This is one of them, finally completed.
The Hyderabad Bicycling Club rents out cycles every day between 5.30 am and 7.30 am opposite the Sanjeeviah Park. A portion of the road around the lake is closed to traffic during these hours.
If you are in Hyderabad or simply visiting make sure you add this to your list. In the meantime you can read of my cycling misadventures on the WAH blog.