This study investigated the effectiveness of congestion pricing (CP) using the travel time congestion index (TTCI), a congestion assessment tool, in Hyderabad, India. Initially, a set of hypothetical mode choice scenarios under the CP scheme were designed to collect car users’ perceptions based on a stated preference (SP) experiment. Based on the SP survey data, discrete travel behavior models were developed to estimate the probable modal trade-off among cars, two-wheelers, and public buses under the generated CP scenarios. Using the existing traffic, geometric, and land-use data from the most congested corridors of the study city, TTCI values were estimated for the base and future conditions, followed by commuter volume estimation for the different conditions using vehicle occupancy factors. Further, the commuter volume derived from modal trade-off under CP scenarios was converted into traffic volume for the identified congested corridors. Finally, the TTCI values were re-estimated using the final traffic volume and compared across worst, best-worst (intermediate), and best case CP scenarios for the base and future years. An annual average growth of 5% in traffic volume was considered. The results show a significant improvement in TTCI values across all identified corridors under CP implementation, indicating its effectiveness toward congestion alleviation. Such demonstration of CP effectiveness could play a major role in making CP a successful travel demand management measure for cities burdened with congestion.