With its continued rapid urbanization and strong economic growth, tech hub Bengaluru has gained the first position in world’s most dynamic cities survey. JLL’s City Momentum Index released its survey report today and had measured momentum for 131 of the world’s most commercially active cities over a period of three years. Bengaluru was followed by Hyderabad and Delhi stood at the fourth position. Pune was one position behind Delhi while Chennai gained the seventh spot.
19 of the top 20 cities are from Asia Pacific. In 2018 edition of the City Momentum Edition, Hyderabad topped the rankings followed by Bengaluru (2nd), Pune (4th), Kolkata (5th) and Delhi (8th).The key theme of this year’s sixth survey was robust technology and innovative eco-system in which Bengaluru emerged as the world leader. The report noted that both Bengaluru and Hyderabad have thriving information technology and start-up culture which has helped them top the rankings.Over the years, Bengaluru has continued to witness much traction in its real estate sector over the years. ”Backed by a strong commercial sector, the city’s retail, hospitality and residential sectors have also gained prominence with the city being recognized as the third largest hospitality market and the leading retail market in India,” said CEO and Country Head JLL India Ramesh Nair.
“Post the implementation of landmark policy reforms such as RERA and GST coupled with a focus on improving infrastructure and improving ease of doing business, the government’s reforms driven agenda and measures are expected to bring in more transparency in the real estate sector and give a strong impetus to the sector.” he further added.
Meanwhile, Hyderabad has gathered limelight as an emerging investment destination. The real estate market of Hyderabad has been one of the best performing in India for last few years in terms of the absorption and new launches Nair said.
Nairobi, Kenya’s capital stood at the sixth spot while Beijing and Shanghai occupied 13th and 14th positions. In fact, the only non-Asian city on the list is Nairobi in sixth place which is heavily influenced by significant amounts of infrastructure-focused investment from China.