Industrially contaminated sites with hazardous materials are a priority and urgent problem all over the world. Appropriate risk assessment is required to determine health risks associated with contaminated sites. The present study was conducted to investigate distribution of potentially hazardous, heavy metal (As, Cd, Cr, Cu, Ni, Pb and Zn) concentrations in surface and groundwater samples collected during summer (pre-monsoon) and winter (post-monsoon) seasons from an industrially contaminated site, Hyderabad, India, with potential source of metal contamination because of industrial effluents and usage of pesticides in agriculture. Heavy metal (HM) concentrations were analysed by using inductively coupled plasma-mass spectrometer and were compared with permissible limits set by the World Health Organisation. Data obtained was treated using multivariate statistical approaches like R-mode factor analysis (FA), principal component analysis, cluster analysis, geoaccumulation index, enrichment factor, contamination factor and the degree of contamination. Health risk assessment like chronic daily intake (CDI) and hazard quotient (HQ) were also calculated. Relatively high levels were noted in surface water with average concentrations during summer and winter seasons showing 16.13 and 11.83 for As, 7.91 and 1.64 for Cd, 88.33 and 32.90 for Cr, 58.11 and 28.26 for Cu, 53.62 and 69.96 for Ni, 173.8 and 118.6 for Pb, and 2,943 and 1,889 μg/L for Zn. While in groundwater, the mean metal levels during two seasons were 18.18 and 3.76 for As, 1.67 and 0.40 for Cd, 29.40 and 5.15 for Cr, 17.03 and 4.19 for Cu, 25.4 and 6.09 for Ni, 81.7 and 2.87 for Pb and 953 and 989 μg/L for Zn, respectively. FA identified two factors with cumulative loadings of F1-60.82 % and F2-76.55 % for pre-monsoon surface water and F1-48.75 % and F2-67.55 % for groundwater. Whereas, three factors with cumulative loadings of F1-39.13 %, F2-66.60 % and F3-81.01 % for post-monsoon surface water and F1-50.31 %, F2-66.18 % and F3-81.54 % for groundwater. The health risk assessment like CDI and HQ indices with increased levels of hazardous elements in the surface and groundwater were safe for drinking purposes provided some water treatment methodologies are adopted.