Transit-oriented development (TOD) is a transportation planning strategy that integrates transit with surrounding mixed land use developments. TOD is a promising approach for the planning, implementation, and operation of a sustainable urban transportation system. The success of TOD planning and implementation mainly depends on the evaluation of existing TOD levels with possible selected indicators. The new indicators are essential in the context of developing countries. Accordingly, the objective of the present study is focused on the TOD evaluation with the most important and feasible indicators from the perspective of developing countries. As a part of the methodology, firstly, a Delphi technique is adopted to identify the most possible indicators, which resulted in 36 important indicators categorized under 10 criteria. Subsequently, existing TOD-ness has been measured as the TOD index using analytic hierarchy process at 10 selected metro stations in Hyderabad, India. Based on the derived TOD index, stations have been ranked and prioritized for the purpose of proposed TOD improvement measures. Besides, the stations have been analyzed to identify the needs with respect to criteria adopted for further proposed improvement at each station in order to improve the TOD index to achieve sustainable norms across the given city. The study’s results may be useful to policymakers in making policy implications regarding the planning and evaluation of TOD in the context of developing countries.