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Bengaluru is the world’s most dynamic city among 131 major established and emerging business hubs globally, followed by Hyderabad, according to the sixth City Momentum Index published by JLL today.
Closely following Bengaluru is Hyderabad that is ranked second with Delhi (4th), Pune (5th), and Chennai (7th) featuring in top 10 cities. At 15th position, Kolkata was the sixth Indian city ranked amongst top 20.
With 19 of the top 20 cities from Asia Pacific, the rankings highlight and showcase the region’s continued rapid urbanization 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.
Structural reforms
According to Ramesh Nair, CEO and Country Head, JLL India, “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,” he added.
“Both Bengaluru and Hyderabad have a thriving information technology and start-up culture which has helped them top the rankings,” Nair said.
He added,” Hyderabad as an emerging investment destination has been in the spotlight for its growth potential and investments from all major technology led companies around the globe. 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.”
East-west growth divide
The absence of European and American cities demonstrates a marked East-West growth divide driven by globalization, innovation and demographic factors. 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.
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