Silicon Valley of India, Bengaluru, is the world’s most dynamic city among 131 major established and emerging business hubs globally, followed by Hyderabad that is ranked second with Delhi (4th), Pune (5th) and Chennai (7th) featuring in the top 10 cities, according to the sixth City Momentum Index published by JLL.
At 15th position, Kolkata was the sixth Indian city ranked amongst top 20.
JLL’s City Momentum Index measures momentum for 131 of the world’s most commercially active cities by tracking a range of socio-economic and commercial real estate indicators over a three-year period to identify the urban economies and real estate markets undergoing the most rapid expansion.
Backed by a strong commercial sector, Bengaluru’s retail, hospitality and residential sectors have also gained prominence with the city being recognised as the third largest hospitality market and the leading retail market in India.
Hyderabad is an emerging investment destination for its growth potential and investments from all major technology led companies around the globe. The city’s real estate market has been one of the best performing in India for last few years in terms of the absorption and new launches.
With 19 of the top 20 cities from Asia Pacific, the rankings highlight and showcase the region’s rapid urbanisation and strong economic growth. In the 2018 edition of the City Momentum Edition, Hyderabad topped the rankings followed by Bengaluru (2nd), Pune (4th), Kolkata (5th) and Delhi (8th).
Tracking a range of socio-economic and commercial real estate indicators to identify attributes for success over the near term, the CMI focuses purely on short-term momentum over a three-year horizon. The rankings identify the urban economies and real estate markets which are currently undergoing significant rapid growth.
“Some of India’s fastest growing cities have been successful in recent years in drawing high levels of foreign direct investment with structural reforms also encouraging greater interest from foreign real estate investors who are seeking to tap into the country’s favourable growth dynamics. 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,” said Ramesh Nair, CEO and Country Head, JLL India.”Asia continues to show strong momentum, with cities that are successfully expanding their innovation economy punching above their weight in terms of attracting capital, companies and people. These cities need to address the environmental and social impacts of rapid growth such as social inequality, congestion and environmental degradation. The provision of smart, efficient and productive real estate and increased transparency are key factors in driving long-term sustainable growth,” said Jeremy Kelly, director of Global Research at JLL.