Azharuddin's fans started celebrating at the Rajiv Gandhi International Stadium in Uppal soon after it was announced that the former cricketer was elected after he pipped his nearest rival Prakash Chand Jain by 74 votes.
Out of the 227 members, 223 had cast their votes. The former India captain secured 147 votes while Jain polled only 73.
Though there were three candidates for the President's post, the main contest was between Azharuddin and Jain.
Azharuddin, who played 99 Tests and 334 ODIs for India between 1985 and 2000, vowed to restore the glory of Hyderabad cricket.
The 56-year-old, who is also a former Member of Parliament, had made an unsuccessful attempt to contest the HCA polls in 2017. The returning officer had rejected his nomination citing the ban imposed on him by the Board of Control for Cricket in India (BCCI) for his alleged involvement in match-fixing.
Though the Andhra Pradesh High Court overturned the ban on Azharuddin in 2012, the BCCI had not officially lifted the ban.
Azharuddin, who had led India in three successive World Cups in 1992, 1996 and 1999, had entered politics before the 2009 Lok Sabha elections by joining the Congress. He was elected to the Lok Sabha from the Muradabad constituency in Uttar Pradesh.
In 2014, he lost the Lok Sabha polls from Tonk-Sawai Madhopur in Rajasthan.
Azharuddin was appointed the working President of Congress' Telangana unit last year.
( With inputs from IANS )